OTTAWA — Statistics Canada is set to release its January jobs report this morning.
Economists polled by Reuters expect Canadian employers added 25,000 jobs in the month and are predicting the unemployment rate moved higher to 6.8 per cent.
This comes after Canada added 91,000 jobs in December, and the unemployment rate ticked down to 6.7 per cent.
RBC Economics says business sentiment remains subdued as consumer demand has slowed. Hiring intentions have also fallen sharply.
Despite receiving a month-long reprieve from U.S. President Donald Trump’s broad-based tariffs threat, there’s no guarantee they won’t be imposed.
If the tariff threat is realized, TD predicts the Canadian economy will enter a recession around mid-year and see unemployment reach seven per cent.
This report by The Canadian Press was first published Feb. 7, 2025.
The Canadian Press
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