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

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

The unemployment rate for British Columbia sat at 4.7 per cent last month, down from 5.7 per cent in November 2016.

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. 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.

The last time the unemployment rate was 5.9 per cent was February 2008, before the global financial crisis.

It was also the biggest addition of jobs in a single month since April 2012, when the economy was rebounding out of recession. Canada added 80,000 jobs in November and much of the job growth was seen in the private sector. The rest were part-time.

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Statistics Canada also released its latest quarterly data Friday for economic growth, which came largely in-line with expectations. And all of the net gain was in full-time positions. "The Sask. Party's approach of cutting important programs and services and giving tax breaks to the wealthy and well-connected is doing nothing to create or even protect Saskatchewan jobs". The trade component, which incorporates wholesalers and retailers, added 38,800 workers; and construction added 16,200, as hiring in this sector has picked up steam since the summer.

The November employment report indicated average hourly wages rose by a strong 2.8% on a one-year basis, or the third straight month of 2% gains. The gains were driven by full-time work, the report said.

Still, the central bank is expected to keep its policy rate unchanged at 1%, although TD Securities said a rate rise in January could now be in play.