Canada's Unemployment Rate Drops to 6.6% in January

In a recent report released by Statistics Canada, the unemployment rate in Canada has seen a slight decrease, moving down by 0.1 percentage points to 6.6% in January. This change is primarily attributed to a significant drop in unemployment among young individuals aged 15 to 24, which decreased by 0.6 percentage points to 13.6%.

Despite the overall positive trend, the total number of unemployed individuals has risen sharply by 20.2% compared to the same month last year, reaching 1.5 million. On a brighter note, the employment rate has seen a marginal increase of 0.1 percentage points to 61.1%, with the manufacturing sector leading the way by adding 1.8% more jobs.

Furthermore, the average hourly wages have experienced a notable increase, rising by 3.5% year-over-year. This translates to an additional 1.23 Canadian dollars, bringing the average hourly wage to 35.99 Canadian dollars.