Statistics Canada says the economy added a whopping 150,000 jobs in January.
With 153,000 people joining the labour force last month, the unemployment rate held steady at five per cent, hovering just above the record low of 4.9%.
RBC had been predicting the labour force survey for January would show the Canadian economy added only 5,000 jobs.
Job gains were made across sectors, with wholesale and retail trade experiencing the largest gains to employment.
It was a different story in the Quinte region where the unemployment rate rose significantly.
The rate for the Belleville Census Metropolitan Area which includes Belleville, Quinte West, Tyendinaga/Deseronto, and Stirling-Rawdon jumped to 6.1% in January, up from December’s 5.3%.
However, at least some of that increase is likely attributed to more people entering the workforce and looking for a job as the local participation rate (the proportion of the working-age population who are in the labour market, employed or looking for work) increased from 60.8% to 62.4%.
Meanwhile, nationally, wages were up 4.5% on a year-over-year basis.
The Canadian economy has been on an upward trend with employment since September, adding a total of 326,000 jobs.
That’s despite forecasters anticipating higher interest rates will slow the economy down significantly this year and weigh on employment.
(With files from the Canadian Press)
