The unemployment rate dropped one percentage point.
A net 336,600 jobs were created in February.
The photo was taken by Mario Tama.
The Canadian economy created a net 336,600 jobs in February, more than expected, and the unemployment rate fell to 5.5% from 6.5% in January.
The unemployment rate was expected to drop to 6.2% by economists.
After the data release, Doug Porter said that economists were expecting a rebound but not this magnitude.
I think it raises the risk of a 50 basis point hike by the Bank of Canada. They would need to see more clarity on the situation in Ukraine before taking an aggressive step. Let's say their finger is going to be on the 50 basis pointstrigger when conditions allow.
More to come.
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