The Canadian economy defied projections by adding 150,000 new jobs in January, but scads of new job seekers kept the unemployment rate at a steady 5 percent, the national statistical agency said Friday.
The unemployment rate was just slightly above a record low of 4.9 percent recorded last June, while the size of the labor force has continued to grow.
The gains -- which mirrored similar strong hiring activity in the United States -- were recorded across several industries, led by a bounce back in wholesale and retail trade , health care and social assistance and educational services , the agency said.At the same time, employment declined in transportation and warehousing .
Total hours worked rose in January too, notably in the construction industry that is sensitive to interest rate hikes, he pointed out. The central bank recently announced a pause in its aggressive monetary policy after eight hikes over the past year to 4.5 percent, in a bid to tame inflation. But it warned also that it could start hiking rates anew if the economy does not cool, as hoped.
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