Canada and U.S. Show Strong Job Growth in December

Canada's employment rose significantly in December 2024, adding 91,000 jobs, which exceeded the forecast of 25,000, and brought the unemployment rate down to 6.7% from 6.8%. This increase was primarily in educational services, transportation, finance, and full-time positions, marking the largest gain since January 2023. The U.S. also saw robust job growth with 256,000 jobs added in December, surpassing expectations of 153,000, and reducing the unemployment rate to 4.1%. Hiring in the U.S. was led by healthcare, retail, and government sectors, with wages growing by 0.3% for the month. Both countries' labor markets ended 2024 strongly, with Canada's data easing pressure on the Bank of Canada for further rate cuts, while U.S. figures delayed expectations of Federal Reserve interest rate reductions.