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Canada's unemployment rate hits lowest level since 2008

03 December, 2017, 00:45 | Author: Carla Brady
  • Ontario and BC lead employment growth in Canada

A low jobless rate is generally a good indicator of a healthy economy, said Dallas Gislason, economic development officer with the South Island Prosperity Project.

All in all, Canada's economy has added 441,000 full-time jobs in the past year.

Manitoba's unemployment rate inched a little higher in November after the provincial economy shed a total of 2,500 jobs, Statistics Canada said Friday.

Canada's overall unemployment rate dropped to 5.9 per cent in November, the lowest in almost a decade, according to data released today by Statistics Canada.

The consensus among economists had been for an increase of 10,000 jobs in November, and for the unemployment rate to reach 6.2 per cent.

The last time the unemployment rate was 5.9 per cent was February 2008, before the global financial crisis. But the strong November jobs numbers, marking Canada's 12th straight month of positive job creation, stood out. And all of the net gain was in full-time positions. 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. Of the 79,000 jobs created in November, 44,000 came in Ontario. The wholesale and retail trade, manufacturing, educational services, and construction sectors posted employment gains, according to Stats Canada.

The Bank of Canada raised rates twice earlier this year, but it has now embraced a cautious approach until it gets a firmer grip on how indebted households respond to higher rates.

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".

Compared with the year before, average hourly wages for permanent employees grew 2.7 per cent for the biggest increase since April 2016. The gains were driven by full-time work, the report said.



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