Canada Adds 79500 Jobs in November; Unemployment Rate Falls to 5.9%

Share

It's the lowest since February, 2008, Statistics Canada said Friday morning. The province has gained 34,000 full-time jobs over the past year.

"The lion's share of national employment growth in November was recorded in Ontario, with 44,000 more people employed, mostly in wholesale and retail trade as well as in manufacturing", Statistics Canada said.

The Canadian labor market continues to defy expectations, as the economy recorded the biggest one-month job gain in almost six years while the unemployment rate dropped below the 6% mark to a fresh post-crisis low.

Nationally, unemployment sat at 5.6. per cent, down from 6.3 per cent in October, and 6.8 per cent in November 2016.

StatsCan says Canada added 390,000 net new jobs over the past year, a very strong showing amounting to a 2.1-per-cent increase in total jobs. And all of the net gain was in full-time positions.

Analysts expect the labour market's surprising surge, which blew past economists' expectations, to catch the Bank of Canada's attention ahead of next week's scheduled interest-rate announcement. "It was the largest monthly increase in more than five years, and marked the 12th consecutive gain - an unusual streak that speaks of durability", said Sal Guatieri, senior economist with Bank of Montreal Capital Markets, in a research note. At the same that it released November's labor force survey, Statistics Canada said the country's gross domestic product advanced in the third quarter 1.7% annualized, following a 4.3% gain in the second quarter.

Nearly 4,000 new jobs were created in the London area in November, but there was no change in the unemployment rate. StatsCan reported on Friday that the economy grew 0.4 per cent in the third quarter of this year, less than half the 1-per-cent growth seen the quarter before. The data found the compensation of employees increased 1.3 per cent in nominal terms for its strongest quarterly growth in three years.

Share