CIBC Research discusses its reaction to today's Canadian jobs report fore the month of December.
"The December jobs tally built upon November's blockbuster gain, with the 55K reading coming in well above the 25K expected by the consensus. Gains in jobs were highly concentrated in full time positions (+122K), with part-time seeing a pull back of 68K. Despite stronger population growth recently and an unchanged participation rate, the solid advance in jobs was enough to take the unemployment rate marginally lower to 5.9% (only a couple of ticks away from the 5.7% level it was at in February 2020)," CIBC notes.
"While not all of the detail was positive, with wage growth decelerating unexpectedly and hours worked falling on the month, today's report still suggests that the economy was very close to full employment in December," CIBC adds.