The number of jobs in Canada fell by 88,000 in January to give the labor market its steepest one-month drop in nine years.
The overall result was dragged down by a loss of 137,000 part-time positions in what was the category’s largest one-month collapse on record.
Statistics Canada’s latest jobs survey says the overall decline helped push the national unemployment rate up to 5.9 percent in January, from a revised 5.8 percent the previous month.
But on the other hand, the agency says the economy generated 49,000 full-time positions last month.
“Overall, a mysterious mix of good and bad, with the latter’s impact blunted by how strong job gains were in the leadup to these figures,” CIBC chief economist Avery Shenfeld wrote in a research note to clients.
“January saw an [88,000] drop in employment, reversing about half of the spectacular gains we registered late last year. But the details are also looking wonky, with all of the job losses in part-time work.”