TORONTO (Reuters) — Canada's economy added 48,300 jobs in January, sending the jobless rate down to 6.8 per cent, data from Statistics Canada showed on Friday.
PAUL FERLEY, ASSISTANT CHIEF ECONOMIST, ROYAL BANK OF CANADA
Very strong report. Expectations going into the report, after solid gains through the second half of last year that just seemed out of proportion for an economy just growing slightly above potential, you'd see a bit of a correction going into 2017, but it didn't materialize. Another solid gain.
Again, as was the case through much of 2016, there is a skew towards part time employment. Though in January, full time was up 15,800, so a solid increase. That gain is contributing to the unemployment rate moving down to 6.8 from 6.9 (per cent).
There had been some expectation about a possible easing by the Bank of Canada. This report will result in the probability of any near-term ease dropping quite considerably. The Bank ofCanada will take encouragement from it, but they're going to want to see confirmation that the expenditure is continuing at an above average pace. These job gains certainly increase the likelihood of that kind of senario playing out, but I think it's still the case where the Bank ofCanada will remain on the sidelines."
DOUG PORTER, CHIEF ECONOMIST, BMO CAPITAL MARKETS
"It was yet another relatively strong and upbeat report. Overall, from a big picture standpoint, it just continues to show that the job market seems to be reviving. It remains to be seen whether it will be enough to keep bringing down the unemployment rate."
"Both the rising participation and falling unemployment rate is a nice combination. We've had a very good run here from employment and I think it's sending a pretty convincing signal that the economy is starting to improve."
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