Canada's unemployment rate hits lowest level since 2008

Share

The decline in unemployment came as 6,200 jobs were created in the region, according to the federal statistics agency.

Unemployment in the Northeast dropped to 5.3 per cent in November, a dramatic rebound and down by almost half from the same time past year.

It was also the biggest addition of jobs in a single month since April 2012, when the economy was rebounding out of recession.

Victoria's unemployment rate for the month of November was the lowest in the country at 3.3 per cent, but the news may not be as good as it seems.

However, that slowdown has yet to materialize in the job market. Nearly 30,000 of the new jobs in November were full-time. And all of the net gain was in full-time positions.

More news: Tesla's 100MW battery pack beigns operations in South Australia

Royal Bank of Canada economist Josh Nye described the job growth as reaching the stratosphere - but pointed to the average hourly wage growth of 2.7 per cent year-over-year as a sign that might stir Canada's central bank.

The demographics that saw the greatest job gains in November were women aged 55 or older, youth aged 15 to 24, and "core-aged" men aged 25 to 54. The trade component, which incorporates wholesalers and retailers, added 38,800 workers; and construction added 16,200, as hiring in this sector has picked up steam since the summer.

At the Bank of Canada's next rate-policy decision on Wednesday, analysts at TD Securities say they expect Governor Stephen Poloz "to stop broadcasting the view that there is still slack in the labour market".

Exports fell while imports were flat, business investment weakened, and household outlays pulled back slightly from the previous quarter, said Statistics Canada. "There is none left", after reviewing the details of the November report.

Share