Drop in Canada’s Unemployment Rate Won’t Convince National Bank to Cut Interest Rate, Experts Say

Published on February 9, 2024

Canada’s unemployment rate dropped to 5.7 percent last month, marking the first decline since December 2022, according to newly released data from Statistics Canada. And that larger-than-expected employment gain will not convince the Bank of Canada to cut interest rates any time soon, economists say. StatCan’s labour force survey showed 37,000 additional jobs were added to the economy in January after three months of “little change.” Canada’s labour market slowed significantly in 2023 as high interest rates took a toll on consumer spending and business investment, elevating the unemployment rate from 5.1 percent in April to 5.8 percent in December. Although the latest job gains were driven by an increase in part-time work, employment growth exceeded forecasters’ expectations, suggesting the Bank of Canada won’t feel the need to cut rates any time soon....

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