Canada’s labour market added 76,000 jobs in January, with manufacturing—a sector particularly threatened by a possible trade war with the U.S.—accounting for about 43 per cent of them. (The Logic)

Talking point: Statistics Canada highlighted that manufacturing is in a precarious position, given U.S. President Donald Trump’s threat of 25 per cent tariffs that could take effect in March if the two countries don’t work out a deal. The sector accounts for 8.9 per cent of Canadian jobs, the agency said, with just over 39 per cent of those jobs depending on trade with the U.S. Amid the uncertainty, the overall job gains in January were triple what economists expected. Despite January’s strong manufacturing job creation, employment in the sector was flat compared to the previous year, Statistics Canada noted. A stronger job market going into a tariff war could help the Bank of Canada respond, since it would have to choose between fighting inflation and addressing economic weakness.