Unemployment Rate Drops Slightly

In January, Canada's unemployment rate experienced a minor decrease, settling at 6.6%, a 0.1 percentage point drop from the previous month, according to Statistics Canada's latest report.

Youth Unemployment Shows Significant Improvement

A notable improvement was seen in the unemployment rate among individuals aged 15 to 24, which fell by 0.6 percentage points to 13.6%. Despite this positive trend, the total number of unemployed individuals reached 1.5 million, marking a 20.2% increase from the same period last year.

Employment Rate and Wage Growth

The employment rate saw a slight increase of 0.1 percentage points, reaching 61.1%. The manufacturing sector led the way in job creation, with a 1.8% rise in employment. Additionally, average hourly wages grew by 3.5% year-over-year, amounting to an increase of 1.23 Canadian dollars, bringing the average to 35.99 Canadian dollars.