The Canadian employment report for January showed a decrease in net jobs of 213,000 in January, a number below expectations. According to analysts at the National Bank of Canada, the figures reflect the impact of the new restrictions implemented to slow down COVID-19.
Key statements:
“The decline in employment in January, for the second in a row, was much worse than expected by the consensus. This reflects the impact of the new restrictions implemented to stop the pandemic. “
“If all sectors directly affected by the closures (commerce, accommodation / food services, information / culture / recreation and other services) are excluded, employment continued to show an upward trend in January.”
Another positive aspect of this report was the resilience of full-time jobs that have posted another gain for the month, extending the current streak of consecutive earnings to 9 months. As a result, full-time jobs are now just 2.9% below their pre-pandemic level. The current soft streak in the Canadian labor market should prove temporary. “
“The arrival of effective covid-19 virus vaccines late last year has increased the confidence of Canadian businesses, as shown by the Bank of Canada’s Business Outlook Survey, which indicates increased hiring intentions. This suggests a solid rebound when the pandemic is under control. “
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