Canada Jobless Rate Falls to 7% in January on Full-Time Work


09/02/2014 09:46 AST

Canada’s jobless rate fell more than economists predicted in January as employers added full-time workers and service industries gained.

Unemployment fell to 7.0 percent in January from December’s 7.2 percent as the number of jobs rose by 29,400, partly reversing the prior month’s drop of 44,000, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News projected the jobless rate would decline to 7.1 percent with a 20,000 payrolls increase, according to median forecasts.

The hiring may bolster consumer spending that has driven economic growth since the 2008 financial crisis while exports and business investment have faltered. The Bank of Canada has kept its policy interest rate at 1 percent for more than three years and predicts the economy won’t reach full output for another two years, a policy stance that pushed the Canadian dollar to four-year lows.

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