Does snow explain Canada's job losses?

Many economists have just put the shock disappointment of the US December jobs report down to the extreme weather the country's been seeing.

But, as Sebastien Galy of Societe Generale highlights, Canada's economists are presumably better used to shutdown linked to cold weather.

"I remember quite well Hydro Quebec’s electric lines collapsing under the weight of ice in the 1990s", he says.

The Canadian economy shed 45,900 jobs in December, according to a report from Statistics Canada released today. Economists had forecast that 14,600 jobs would be created.

The loss brought the total jobs gained in 2013 to 102,000 - the slowest annual pace since 2009.

The unemployment rate rose to 7.2 per cent from 6.9 per cent in the month.

Temporary employment in Canada didn't pick up, even though "you need a significant amount of labour to clean-up the snow", points out Galy.

It's quite difficult to assess the impact of weather from the underlying trend. Rather, the analyst says it "fits in nicely" with the Canadian dollar's bearish course - the curreny's hit four-year lows already this year.

The country's also seen house prices are slowing as supply picks up, with pre-sold houses and housing guarantees from authorities.

And earlier in the week, data showed its trade deficit crept higher in November as imports increased and exports stalled.