Here's what economists have to say about the latest jobs report and what it means for interest rates. cdnpoli
reported Jan. 6, blowing past analyst expectations of a modest 5,000 additional positions and pushing the unemployment rate down to five per cent from 5.1 per cent.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Average hourly wages fell to 5.1 per cent in December from 5.6 per cent in November, an encouraging data point for the Bank of Canada as it seeks to cool inflation, Brown said. The December labour report takes into consideration the holiday hiring season, and does not distort the numbers, a “common misconception,” Charles St-Arnaud, chief economist at Alberta Central, in an email.
The Bank of Canada increased interest rates by 400 basis points last year, bringing them to 4.25 per cent from 0.25 per cent in March. Markets have priced in one more rate hike in January, with cuts expected at the end of 2023.
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