Canada Jobless Rate Falls to Lowest in a Decade on Hiring Surge
(Bloomberg) -- Canada's jobless rate plunged to the lowest in a decade in November on a surprise jump in hiring that defies a slowdown in the rest of the economy.
Unemployment fell to 5.9% last month from 6.3% in October, Statistics Canada said Friday in Ottawa. The number of jobs increased by 79,500 in November, the largest monthly gain since April 2012. Employment grew across most industries led by manufacturing, retailing and education.
Highlights |
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Big Picture
The strong labor market in the second half of the year is helping to offset a slump in exports that slowed growth in the third quarter. Another report Friday from Statistics Canada showed output growth faded to a 1.7% pace in the third quarter from 4.3% in the prior three months.
The fresh job numbers may also lead to a shift in view from the Bank of Canada over the extent of slack in the labor market.
Other Details
• Manufacturing employment rose by 30,400 in November, the retail and wholesale category climbed by 38,800 and educational services by 20,700
• Full-time employment increased by 29,600, while part-time positions rose by 49,900
• Average hourly earnings rose 2.8% in November from a year ago, up from 2.4% in October and the fastest since April 2016
• Hours worked rose by 1.0% in November from a year earlier, slowing from an October increase of 2.7% in October
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.
To contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Stephen Wicary
©2017 Bloomberg L.P.
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