OTTAWA — Canada added more than twice the number of jobs than expected in January, the latest indication that the economy could be strong enough to persuade the Bank of Canada not to cut rates next month. Statistics Canada said on Friday that 34,500 jobs had been created in January, the second straight month of healthy gains after a record loss in November. Analysts polled by Reuters had forecast a gain of 15,000 positions and for the jobless rate to stay at 5.6 per cent. The Bank of Canada has held its key interest rate steady since October 2018 but said last month a cut was possible if a recent slowdown in domestic growth persisted. “We think that slow growth leaves the door open to the Bank of Canada lowering interest rates.

Source: National Post February 07, 2020 14:26 UTC