It's a tough time to be an economist. The jump in inflation experienced last year spurred the Bank of Canada to spike interest rates with the goal of cooling the economy and perhaps triggering a recession. However, Statistics Canada shows that 104,000 jobs were added in December — much higher than most experts had forecast.
In Greater Victoria, the numbers also offer a mixed message as the unemployment rate dropped to 3.4% in December. However, the region's available labour force was down from November while overall population increased.
Perhaps we'll have more clarity when the consumer price index for December is announced on Jan. 17. The Bank of Canada will make an announcement on its interest rate on Jan. 25.