The unemployment rate rises to 9.4% after losing 212,800 jobs in January, much worse than expected

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Canada saw 212,800 job losses in January, notably worsening the 47,500 expected. In addition, the December data has been revised downwards, reflecting a real loss of 68,200 jobs compared to the 62,600 published a month ago. Today’s is biggest drop registered by the indicator since last April.

The Canadian unemployment rate has risen six tenths, rising to 9.4% from 8.8% in December (revised from 8.6%). The result worsens the 8.9% expected by the market. This is the worst unemployment rate seen since August.

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Finally, the Average annual hourly wages grew by 5.87%, surpassing 5.37% of the previous month (revised down from 5.43%).

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