1034 ET - The strong pace of hiring in Canada in December provides more evidence that aggressive Bank of Canada rate cuts in 2H of 2024 are starting to lift economic activity, says Doug Porter, chief economist at BMO Capital Markets. He adds the solid report may cast doubt on whether the BOC delivers another rate cut later this month. Net employment rose by nearly 91,000 and the unemployment rate fell to 6.7%. Porter says the BOC would also welcome data showing annual wage growth decelerating, to 3.8%, or the slowest advance since May, 2022 and within shouting distance of sub-3% prepandemic trends. Porter notes Canada's monthly jobs data are unusually volatile, and the Trump tariff threat is likely weighing on investment activity. (paul.vieira@wsj.com; @paulvieira)
(END) Dow Jones Newswires
January 10, 2025 10:34 ET (15:34 GMT)
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