Canadian jobs report: employment -88.0K in January vs. +10.0K expected

"Following two months of increases, employment fell by 88,000 in January. At the same time, the unemployment rate increased by 0.1 percentage points to 5.9%", reported the Statistics Canada this Friday.

Key highlights:

   •  Part-time employment declined (-137,000), while full-time employment was up (+49,000). 
   •  On a year-over-year basis, employment grew by 289,000 or 1.6%.
   •  Gains were driven by increases in full-time work (+414,000 or +2.8%), while there were fewer people working part time (-125,000 or -3.5%).
   •  Over the same period, hours worked rose by 2.8%.