Canada's Unemployment Rate Drops to 6.6% in January

In a recent update from Statistics Canada, the unemployment rate in Canada has seen a slight decrease to 6.6% in January, down by 0.1 percentage points from the previous month. This change is primarily attributed to a significant drop in unemployment among individuals aged 15 to 24, which fell by 0.6 percentage points to 13.6%.

Employment and Wage Growth

Despite the challenges, the employment rate in Canada edged up by 0.1 percentage points to 61.1% in January. The manufacturing sector led the way in job creation, with a 1.8% increase in employment. Additionally, there was a notable rise in average hourly wages, which grew by 3.5% year-over-year, reaching 35.99 Canadian dollars, an increase of 1.23 Canadian dollars.

Challenges Ahead

However, the total number of unemployed individuals in January was reported at 1.5 million, marking a 20.2% increase compared to the same month last year. This highlights the ongoing challenges in the Canadian labor market and the need for continued efforts to bolster employment opportunities across various sectors.