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January 2010 Results  

Source: Statistics Canada  

Link to Release:

Summary: In January, 43,000 jobs were created in Canada. The national unemployment rate dipped to 8.3 per cent. Most of the job gains were for part-time positions, with full time jobs rising by only 1,400. The largest gains were in business, building and other support services, which added 34,000 jobs, and trade, up by 23,000 positions. The manufacturing sector, on the other hand, shed another 16,000 workers. In the Toronto Census Metropolitan Area, the level of employment increased for the sixth straight month on a seasonally adjusted basis. The Toronto area's unemployment rate remained steady at 9.4 per cent.

Analysis: Broadly speaking, the January job gains should be viewed in a positive light. Employment growth is an integral part of overall recovery, especially when more than 60 per cent of Canadian economic growth is driven by consumer spending. With this said, full-time job growth across many sectors of the economy will be a more important indicator of sustained employment growth. It is likely that we will continue to see a certain amount of volatility in the labour market statistics until the early part of 2010. Historically, the labour market has been a lagging indicator of economic recovery. Even after output begins to grow and firms' order books expand, it generally takes additional time for employers to bring back laid-off workers and to create new positions. Employers will want to feel certain that the economic recovery is indeed on solid ground.

Article from the Toronto Real Estate Board.

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