TORONTO, Feb 7 (Reuters) - Canada’s economy added 76,000 jobs in January, with the jobless rate dropping to 6.6%, according to Statistics Canada data released on Friday.
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COMMENTARY
ANDREW KELVIN, HEAD OF CANADIAN AND GLOBAL RATES STRATEGY AT TD SECURITIES
"The addition of 76,000 jobs exceeds our expectations and aligns with the Bank of Canada's positive outlook on the Canadian economy."
"I still anticipate a potential interest rate cut by the Bank of Canada in March, but sustained growth throughout the first quarter could instill greater confidence in the Bank of Canada regarding a soft economic landing."
"The job growth is noteworthy, especially considering the robust figures from December. Most indicators were also positive. The significant drop in unemployment, contrary to expectations for an increase, speaks volumes on its own."
"Without the specter of a potential trade war, the talk would likely be on Canada's economy making a turnaround, reflected in various indicators such as job figures and auto sales. The impact of the declining interest rates is starting to show in the domestic economy's resurgence."
"In sum, this report is undeniably positive. Despite the recent improvements, the unemployment rate has only retraced back to October levels, indicating lingering labor market slack. We maintain the view that further interest rate cuts may be necessary for the economy to fully absorb this excess capacity, especially amidst heightened trade uncertainties that could affect hiring decisions in the future."