Montreal: Canada's unemployment rate ticked down in December, the national statistics agency said Friday, ending 2024 with signs of strength as the country readies for potential economic upheaval triggered by incoming US president Donald Trump.
Statistics Canada said the December unemployment rate was 6.7 percent, down from 6.8 percent in November.
November's figure was the highest since January 2017, excluding 2020 and 2021, when pandemic lockdowns dramatically impacted the number of people working.
The economy added some 91,000 jobs in December, most of them full-time, led by gains in the education sector, Statistics Canada said.
"Canada's job market ended 2024 on a high note," a note from TD Economics said, with the economy adding "the most jobs in almost two years."
But the TD note stressed tariffs are "top of mind" with Trump returning to the White House in just over a week.
He has threatened to impose 25 percent tariffs on all Canadian imports, a levy that could upend Canada's economy.
Ottawa has promised to retaliate, raising the prospect of a trade war.
Canada was the first G7 economy to begin cutting interest rates last year, bringing relief to those with mortgages and other borrowers.
TD Economics said it still expected a 25-basis-point cut this month, which would bring the key lending rate down to three percent, but that outlook could change based on political and economic developments.