The revisions show that earlier optimism about steady job growth through the year was overstated. Notably, the updates slashed October's job growth from 14,500 to a mere 3,300, while November's figures were cut from 50,500 to 43,800. These adjustments bring attention to a concerning deceleration in the final quarter of 2024.
On net, there were 28.8K fewer jobs created than initially reported. Overall, there isn't a big shift, as this graphic shows. It means employment rose 1.9% y/y in December compared to 2.0% previously.
I wouldn't think this would change much for the Bank of Canada, particularly since the December employment report was so strong.
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