Statistics Canada to release January jobs report this morning

OTTAWA –

Statistics Canada is set to release its latest reading on the labour market this morning.

The federal agency will release its labour force survey for January.

The December report showed a gain of 104,000 jobs and an unemployment rate of 5.0 per cent, slightly above the record-low of 4.9 per cent reached in the summer.

RBC is forecasting the Canadian economy added 5,000 jobs last month while the unemployment rate ticked up to 5.1 per cent.

The latest reading of employment levels comes as the Bank of Canada takes a conditional pause from hiking its key interest rate further as it assesses how the economy is responding to higher rates.

The Bank of Canada says the tight labour market is a sign of an overheated economy and needs to ease in order for the country’s annual inflation rate to come down.

This report by The Canadian Press was first published Feb. 10, 2023.