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OTTAWA, Jan 10 - Canada's economy added nearly quadruple the number of jobs forecasted for December and the unemployment rate surprisingly ticked down to 6.7%, data showed on Friday, giving the central bank breathing room to determine the pace of further rate cuts.
Analysts polled by Reuters had forecast a net gain of 25,000 jobs and that the unemployment rate would rise to 6.9% from the near eight year high of 6.8% in November. In December, the unemployment rate fell for core-aged men and for men aged 55 and older. The central bank slashed its key policy rate by 50 basis points last month to help address soft economic growth, bringing the cumulative lowering of the borrowing rate to 175 bps since June.
The average hourly wage growth for permanent employees slowed to an annual rate of 3.7% from 3.9% in November, Statistics Canada said. The closely-watched wage growth rate was the slowest since April 2022.In further sign of the job market firming up, Canada's employment rate, or the proportion of the population who are employed, increased for the first since January 2023 percentage.
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