Canada’s January jobless rate down

(Updated) Canada’s economy gained more than 29,000 jobs in January. That brings the unemployment rate down to 7 per cent.

StatsCan says there’s been a rise in full-time work, including 15,000 more people employed in transportation and warehousing. There’s also been an increase in self-employed workers.

The increase was offset by 25,000 fewer people working in business, building and other support services. As well, 16,000 fewer people work in public administration.

Federal finance minster Jim Flaherty says although the numbers are encouraging, the focus should be on the long-term trends. “The trend is good and this is comforting as we plan the budget and plan modest steady job growth in Canada.”

Flaherty will deliver his latest budget on Tuesday. He says he will not be tabling a balanced budget.

Ontario’s jobless rate fell to 7.5 per cent in January, compared to 7.9 per cent in December.

Hamilton dropped more than half a percentage point to 6 per cent, compared to 6.6 in December, while Guelph slipped to from 7.7 to 7.3 in January.

St Catharines-Niagara held steady at 8.8 per cent; it was 8.9 in December.

Some areas saw increases. The biggest one: Brantford. It jumped nearly a full percentage point, from 5.1 in December to 5.9 in January. Kitchener-Waterloo-Cambridge’s hike was more modest. Unemployment there went from 6.2 per cent in December to 6.4 last month.

Video (above:) Marvin Ryder from the DeGroote School of Business with his take on the jobless rate