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Canada's Job Surge Drops Unemployment to 6.7%

1/14/2025

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Summary

Story summary

Canada created 91,000 jobs in December, reducing the unemployment rate to 6.7%, surpassing forecasts.
Significant job growth occurred in education, transportation, and finance, with 40,000 new public sector positions.
Average hourly wage growth decreased to 3.8%, marking the lowest rate since May 2022.
The Bank of Canada will factor in this data for its January 29 interest rate decision, currently at 3.25%.

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Story summary

Canada created 91,000 jobs in December, reducing the unemployment rate to 6.7%, surpassing forecasts.
Significant job growth occurred in education, transportation, and finance, with 40,000 new public sector positions.
Average hourly wage growth decreased to 3.8%, marking the lowest rate since May 2022.
The Bank of Canada will factor in this data for its January 29 interest rate decision, currently at 3.25%.