January 2020 was a thriving month for the Canadian economy
Unemployment decreased to 5.5 percent from 5.6 percent in December. The significant job growth was fueled by the good-producing industry, with an increase of 49,100 jobs. Manufacturing added over 20,000 positions, construction added 15,800, and agriculture added 11,500. Full-time positions increased by 35,700, and part-time fell by 1,200. Quebec added the most jobs in the month with an additional 19,100 jobs.
According to Refinitiv, economists, on average, only expected an increase of 15,000 positions to be added in January. Even after a short scare late last year, underlying job growth seems to be on track reported by the Bank of Montreal chief economist Doug Porter. He said if the economy starts to see a decline due to the coronavirus, the Bank of Canada will make a move.