Stories From The Shadows

The upcoming Canadian jobs report, scheduled for release on Friday, will likely show an uptick in the unemployment rate despite modest job growth, according to Royal Bank of Canada (RBC). RBC said the data will mirror the trends of 2023, where employment increases failed to offset the rising unemployment rate, likely reaching 5.9% in January, up from 5% the previous year. This would mark the highest unemployment rate since January 2022, during the pandemic's economic aftermath. Despite an expected addition of 10,000 jobs from December, the pace is insufficient to match the country's unprecedented population growth, according to the report. Indeed.com reported a 6% drop in job postings in January compared to December, indicating reduced opportunities for labour market entrants, particularly affecting students and recent graduates who have significantly contributed to the unemployment rate increase in recent months. Although average hourly earnings have shown resilience, with pot