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January Seasonality Helped Jobs Growth and Part-Time Also A Key Role [1/2]

CANADA DATA
  • Canadian jobs growth beat expectations in January with a seasonally adjusted +37k (cons 15k), and it was likely helped by January seasonality as flagged beforehand.
  • Whilst not as historically extreme as the -125k in Jan’23, there were ‘only’ -197k of job losses in actual employment in Jan’24 vs the -255k averaged in January’s in 2015-19 and -500k in 2021-22.
  • The composition of seasonally adjusted gains was on the softer side for a second month, with part-time jobs +49k vs -12k full-time. Over the past three months, part-time jobs are +54k vs full-time just +14k.

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