On Friday, Macquarie economists said that the latest employment report from Canada deserves added caution.
The report, which showed a significant increase of 91,000 jobs in December, was primarily driven by hiring among older workers. This surge in employment led to a drop in the unemployment rate to 6.7%, which partly reversed the sharp increase observed in November.
The increase in hours worked, rising by 0.5% month-over-month, is seen as a positive sign that could bolster real GDP estimates for the fourth quarter of 2024 and the first quarter of 2025.
Despite this growth, Macquarie economists urge caution, suggesti