The Canadian Imperial Bank of Commerce Capital Markets mentioned that Canada’s December employment report was much stronger than expected, with a net increase in jobs of nearly 0.091 million, and the unemployment rate falling to 6.7%. It is also noteworthy that the year-on-year wage growth rate has once again slowed, dropping from 3.9% to 3.7%. The data is better than expected, but the unemployment rate remains high, 'indicating weakness within the economy.' The bank maintains its prediction that the Bank of Canada needs to further cut interest rates to stimulate economic growth and absorb excess capacity.