Published: Fri, December 01, 2017
Medicine | By Brett Sutton

More Jobs, But No Change In Jobless Rate

More Jobs, But No Change In Jobless Rate

The economy added 79,500 jobs in November, Statistics Canada said on Friday, blowing past expectations for a gain of 10,000 and sending the unemployment rate to 5.9 percent, its lowest since February 2008 even as labor market participation was unchanged. The unemployment rate fell nearly half a per cent to 5.5 per cent, the lowest its been since July 2000.

The increase also marked Canada's 12th straight month of positive job creation as the country posted its best 12-month performance in 10 years.

It fell from 5.8 per cent in October to 5.6 in November.

"This was another barn-burner of a jobs report", said Sal Guatieri, senior economist at BMO Capital Markets.

Year over year, employment was up by 390,000 in Canada with all the gains attributable to full-time work.

Canada's jobless rate hits lowest since 2008 as hiring spikes

The report said the increase in real gross domestic product was driven by a one per cent expansion in household spending. Part-time employment increased 49,900, rebounding after a 53,400 decline in the previous month.

Meanwhile, full-time employment recorded another healthy gain in November, up 29,600.

Among the highlights of the November jobs report was hiring in the factory sector. The province has gained 34,000 full-time jobs over the past year. In its most recent decision in October, the central bank said there was still "some excess capacity" in the labor market, with a particular focus given to modest wage gains.

The unemployment numbers are based on a three-month moving average and adjusted for seasonality. Total hours worked also rose 1% on a 12-month basis in the month.

Victoria continues to hold the lowest unemployment rate among cities in Canada. "There is none left", after reviewing the details of the November report. [CAD/] BOCWATCH. While the bank is largely expected to hold rates steady on December 6, odds of a hike as soon as January rose to 57.2 percent following the data.


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