A total of 88,000 job losses were seen by the Canadian economy in January. The losses in the jobs were mainly seen in the part-time work. This is the biggest slide in a month that Canada has witnessed in the past nine years. With so many job losses, the national jobless percentage has increased by 0.1% and it is at 5.9 percent.
This is a big difference from the November and December figure. A total of 145,000 jobs were added in the last two months. The part-time employment after the January figure reads as 137,000. Despite the drop in the part-time employment, the full-time employment saw a boost in January and it grew by 49,000.
The economists did not expect such drop in the part-time jobs. The market had just 9,000 job losses in its mind. Avery Shenfeld, the CIBC chief economist, said that the January showed a surprising mix of bad and good in the job sector.
The drop in the employment rate was not from a particular field, but job losses were seen in the educational, financial, real estate, construction, healthcare, etc. fields. There are reports that these job losses could be due to hiked minimum wages in places like Ontario and Quebec.