The Canadian economy saw a gain of 35,200 jobs in December, which reversed the losses of the previous month. The unemployment rate also dropped to 5.6 percent, beating out the 5.9 percent rate in November when the country lost over 71,000 positions. The private sector employees increased by 56,900, according to Statistics Canada. Full-time jobs added 38,400 employees, and part-time jobs decreased by just 3,200.
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A senior economist at BMO Capital Markets, Robert Kavcic, said the current report would ease the Bank of Canada’s fears of an unstable market. The losses of jobs in November were a “recession-like” number, but the other data on the economy didn’t match the report. The country’s economy added 320,300 positions in 2019, which included 282,800 full-time positions and 37,500 part-time. Dominion Lending Centres chief economist said the December jobs report proves the Bank of Canada’s current policy holding that even with strong winds, the economy will stay resilient, and there is no need for further interest rate cuts.
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The Bank of Canada has kept the key interest rate at 1.75 percent for over a year, which is the same as many of its peers around the world, including the US Federal Reserve. The overall increase in jobs in December came as 15,700 jobs were added to the goods-producing industry and 17,000 in the construction sector. The services-producing industry added 19,400 positions, and food services increased 24,900 jobs. Quebec and Ontario led the job increases.
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