Canada sheds jobs, employment up in PA

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The number of jobs in Canada fell by 88,000 in January, ending the economy's 17-month streak of job gains, Statistics Canada said Friday.

It's the largest unemployment decline in a single month since 2009.

The National Capital Region continued to lower its unemployment rate in January, adding 4,600 jobs in the first month of the year according to data released Friday by Statistics Canada.

"We also need to watch to see if our community is affected by the loss of part-time work like elsewhere in Ontario".

After a record-breaking string of gains, Canada's job market was due for a pullback, said James Marple, TD senior economist.

Statistics Canada's latest jobs survey said the net decline helped push the national unemployment rate up to 5.9 per cent in January, from a revised 5.8 per cent the previous month.

The Dow ended with a 330.44 point or 1.38 per cent gain to 24,190.90, in the wake of Thursday's session that ended with a steep drop marking a 10 per cent decline from the market's peak in January. "But the details also looking wonky, with all of the job losses in part-time work".

Del Duca, who took over the portfolio in a recent cabinet shuffle as Premier Kathleen Wynne positioned her government for the June 7 election, said the fact that Ontario's unemployment rate remained steady at 5.5 per cent is a sign economic growth is "strong and sustained".

Nationally, the survey revealed that the number of paid employee positions also experienced a significant loss last month by shedding 112,000 positions.

"Market participants are getting schooled in the ways of Canada's employment numbers, and the lesson seems to be that when they're too good to be true, they might not be", CIBC chief economist Avery Shenfeld said in a note.

January's job losses lowered expectations that the Bank of Canada would hike interest rates at its next rate announcement scheduled for March. The growth represents an increase of 2.8 per cent.

In the United States, there was a increase of 200,000 jobs in January and the unemployment rates was unchanged at 4.1 per cent. While there were job losses in Quebec, New Brunswick, and Manitoba, Alberta saw very little in the way of job losses as part-time workers were replaced with full-time workers. The country's average hourly rate climbed 3.3 per cent to $26.83 over January of past year, the first time since March, 2016, that wages grew faster than 3 per cent.