Statistics Canada to release February jobs report today; 10,000 jobs expected

Statistics Canada office

Statistics Canada is scheduled to release its latest reading on the country's job market this morning.

Economists on average expect the agency will report an increase of 10,000 jobs for February, according to financial markets data firm Refinitiv.

The labour force survey showed the job market added 34,500 jobs in January, compared with an increase of 35,700 full-time jobs and a decrease of 1,200 part-time jobs in December.

The unemployment rate fell to 5.5 per cent compared with 5.6 per cent in December, according to the monthly labour force survey.

The Bank of Canada cut its key interest rate on Wednesday by 50 basis points to 1.25 per cent because of concerns about the immediate impact of the novel coronavirus.

Governor Stephen Poloz is leaving the door open to further rate cuts beyond the first one since the summer of 2015 that brought the rate to its lowest level since early 2018.