Canadian employment increased 76,000 or 0.4% MoM in January, beating expectations of a 25,000 increase. With the gain in jobs, the unemployment rate fell -0.1 pts to 6.6%, a surprise drop when analysts expected it to tick higher to 6.8%.

• Employment gains in January were led by manufacturing (+33,000) and professional, scientific and technical services (+22,000).
• Over this three-month period, there were increases both in full-time work (+147,000) and part-time work (+64,000).
• Average hourly wages were up 3.5% YoY a strong deceleration from 4.0% YoY in December.
• Total actual hours worked rose 0.9% MoM in January and were up 2.2% YoY.