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The Bank of Canada said on Jan. 21 job market data indicated “significant slack in the economy,” part of the basis for its surprise decision to cut interest rates. Even with the jobless rate near a six-year low, the 2014 jobs gain was the smallest since 2009.

“It’s consistent with them keeping policy accommodative” at the Bank of Canada, Paul Ferley, assistant chief economist at Royal Bank of Canada in Toronto, said in a telephone interview. “The bigger driver of the move by the Bank of Canada was the implications of lower oil prices.”

The central bank, citing the shock to the economy from plunging oil, cut its benchmark rate last week to 0.75%, from 1%, in a decision none of the 22 economists in a Bloomberg News survey had predicted. For months before that, policy makers including Governor Stephen Poloz had pointed to deeper weakness in the labor market.

Today’s data showed the initially reported 4,300 December job loss is now a decline of 11,300. December’s labor force participation rate of 65.7%, revised from 65.9%, was the lowest since 2000.

Annual job growth was 0.7% last year, the agency said, from 1.0% previously reported, matching the 2013 gain and less than 2012 growth of 1.8%.

The next regular monthly Labor Force Survey report, for January, is due on Feb. 6.

“In light of the magnitude of the changes, the Bank of Canada’s decision to cut rates may now look slightly less surprising,” Nick Exarhos, an economist at CIBC World Markets in Toronto, wrote in a research note.