Canada's Unemployment Rate Plunges To Lowest In Nearly A Decade

Canada's Unemployment Rate Plunges To Lowest In Nearly A Decade

Canada's Unemployment Rate Plunges To Lowest In Nearly A Decade

While Statistics Canada's month-to-month labour force survey data tends to be volatile, the agency said the country had added 390,000 jobs over the 12 months through November, up 2.1 per cent, entirely attributable to 441,400 new full-time jobs.

Canada's unemployment rate dropped to its lowest point in almost a decade in November, Statistics Canada's new Labour Force Survey reports. The vast majority of those new jobs were full-time.

Canada's other provinces saw little change in their employment rates. A number of industries helped drive job growth last month, including wholesale and retail trade, manufacturing, educational services, and construction; agricultural jobs, however, took a hit.

Canada's unemployment rate dropped right through the 6-per-cent level, registering 5.9 per cent, down from 6.3 per cent the month before.

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.

Nationally, the unemployment rate tumbled from 6.3 to 5.9 per cent, as almost 80,000 jobs were added.

Statistics Canada says the economy churned out another 79,500 net new jobs in November and drove the jobless rate down 0.4 percentage points from 6.3 per cent the month before.

Statistics Canada reports that Ontario has seen a downward trend in its unemployment rate since the start of 2016, with year-over-year employment gains totalling 181,000, or 2.6 per cent, all of it full-time work. Quebec added 16,000 jobs, and its 5.4-per-cent unemployment rate is the lowest since on record; the province has never seen jobless rates this low in comparable data going back to 1976.

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