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Canada job growth rebounds, unemployment rate falls in December 2019

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Canada job growth rebounds, unemployment rate falls in December 2019

Canada's job market rebounded in December 2019 as employment grew more than expected, data from Statistics Canada showed.

Seasonally adjusted employment increased by 35,200 month over month in December 2019 following two consecutive months of unexpected falls. The consensus estimate of economists polled by Econoday was for job gains of 20,000.

The goods-producing sector saw employment additions of about 15,700 on a monthly basis, primarily due to job gains of 17,000 in the construction sector.

Meanwhile, the services-producing industry added 19,400 jobs, led by employment gains of 24,900 in the accommodation and food services industry.

In the 12 months to December 2019, employment rose by 320,300, or 1.7%.

The unemployment rate came in at 5.6% in the month, lower than market estimates of 5.8% and the preceding month's 5.9%. As compared to the year-ago period, the unemployment rate was steady.

Despite the positive data, Bank of Canada Governor Stephen Poloz would stick to his "wait-and-see mode for a while longer" as he monitors if the economy is gaining momentum, analysts at TD Securities wrote. "We still look for the Bank to cut in April once they have more evidence that the outlook has worsened," they said.