Canada employment dropped -200k in Jan, unemployment rate jumped to 6.5%

Canada employment dropped -200k in January much worse than expectation of -121k. Part-time jobs dropped -117k while full-time jobs dropped -83k.

Unemployment rate rose by 0.5% to 6.5%, higher than expectation of 6.0%. That’s the first increase since April 2021. Labor force participation rate dropped -0.4% to 65.0%.

Full release here.