Signs of strength in Canada’s labour market to close out 2024 are fuelling doubts among some Canadian economists about whether the central bank will deliver another interest cut later this month.

A jump in new jobs helped bring the Canadian unemployment rate down a tick to 6.7 per cent in December, according to Statistics Canada.

Canadian employers collectively added some 91,000 net new jobs last month, the agency said, with BMO calling it one of the largest single months of gains in two years.

Job gains were largely in full-time work and broadly based across multiple industries, led by educational services and transportation and warehousing. The public sector saw a jump of 40,000 jobs, while some 27,000 positions were added in private work.