Statistics Canada reported on Friday that the number of employed people decreased by 212,800 m-o-m in January (or -0.3 percent m-o-m) after an unrevised decline of 52,700 m-o-m in the previous month. 

Economists had forecast a drop of 47,500 m-o-m.

Meanwhile, Canada's unemployment rate rose to 9.4 percent in January from 8.8 percent in December, exceeding economists’ forecast for 8.9 percent. This was the highest rate since August 2020.

According to the report, full-time employment edged up 12,600 (or +0.1 percent m-o-m) in January, while part-time jobs declined by 225,400 (or -6.7 percent m-o-m).

In January, the number of public sector employees fell by 10,700 (or -0.3 percent m-o-m), and the number of private sector employees plunged by 211,100 (or -1.8 percent m-o-m). Meanwhile, the number of self-employed increased 9,000 (or +0.3 percent m-o-m) last month.

Sector-wise, employment increased in goods-producing sector (+0.6 percent m-o-m) but tumbled in service-producing business (-1.6 percent m-o-m).