Statistics
Canada reported on Friday that the number of employed people increased by 50,500
m-o-m in November (or +0.2 per cent m-o-m)
after an unrevised raise of 14,500
m-o-m in the previous month. This represented the strongest
gain in Canada’s employment since
April (+90,400).
Economists had foreseen
an advance of 25,000 m-o-m.
Meanwhile,
Canada's unemployment rate climbed to 6.8 per cent in November from an unrevised
6.5 per cent in the previous
month, exceeding economists’ forecast of 6.6 per cent. This marked the highest rate since September
2021 (6.9 per cent).
According to
the report, full-time employment surged by 54,200 (or +0.3 per cent m-o-m) in November, while part-time jobs fell by 3,600
(or -0.1 per cent m-o-m).
Over the month,
the number of public sector employees jumped by
45,000 (or +1.0 per cent m-o-m), while the number of private sector employees increased
by 6,300 (or flat m-o-m). At the
same time, the number of self-employed slipped by 700 (or flat m-o-m).
Sector-wise,
employment decreased in the goods-producing industry (-20,800, or -0.5 per cent
m-o-m) but grew in the services-producing business (+71,500, or +0.4 per cent m-o-m).
The average hourly wages soared by 3.9
per cent y-o-y (or +CAD1.36) to CAD36.52 in November, sharply
decelerating from a 4.9 per cent y-o-y advance in October.