AllPennyStocks.com Canada’s Unemployment Drops, Boosted by Manufacturing Sector
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Canada’s Unemployment Drops, Boosted by Manufacturing Sector

Canada’s Unemployment Drops, Boosted by Manufacturing Sector By: Tomas Ronolski - AllPennyStocks.com News

Friday, February 7, 2025

 

In January, Canada's labor market exceeded expectations, adding 76,000 jobs and causing the unemployment rate to dip to 6.6 percent, above expectations of a smaller job gain and a slight increase in unemployment.

The decline in unemployment marks the second consecutive monthly decrease, following a peak of 6.9 percent in November. The manufacturing sector was a key driver of job growth, contributing 33,000 new jobs, with a significant portion of those gains concentrated in Ontario. Notably, the manufacturing sector's employment levels have remained relatively stable year-over-year, with a similar number of jobs added since January 2024.

Tariffs may have an impact, however. The Canadian manufacturing sector relies heavily on U.S. demand—nearly 40 percent of the 1.9 million manufacturing jobs in Canada are reliant on U.S. demand for Canadian exports. In the automotive sector, nearly 70 percent of manufacturing jobs depend on U.S. demand.

 

 


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