A report by Canadian Imperial Bank of Commerce (CIBC) says the recent strength in Canada’s labour market runs deeper than just the 420,000 jobs added last year.
CIBC deputy chief economist Benjamin Tal says the economy also saw average wage earnings grow and the creation of more higher-paying jobs last year than low-paying ones.
CIBC also notes that youth unemployment rate has been falling faster than the unemployment rate among adults.
Statistics Canada reported last week that the unemployment rate ended last year at its lowest point in more than 40 years as job creation in 2017 reached a pace not seen in a calendar year since 2002.
Tal says the Canadian job market is well positioned to face tests this year, such as minimum wage hikes and the ongoing NAFTA negotiations.