Jobs are being added and the unemployment rate continues to decline in the Canadian economy. An impressive 35,200 jobs were posted in December 2019, and the unemployment rate fell to 5.6 percent. This report will allow the Bank of Canada to be eased of fears following a weakness seen in November.
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The economy in Canada added 320,300 jobs during 2019, including 282,800 full-time positions and 37,500 part-time positions. The Bank of Canada realizes that even with strong winds blowing, the economy remains resilient and that further cuts in interest rates would be unnecessary at this time. Chief economist Sherry Cooper said, “This assessment can change on a dime in today’s uncertain world, but for now, the central bank is likely to remain on hold”.
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