Canada Adds 54,000 Jobs in November, Contrasting US Job Data and Raising Affordability Concerns
Canada’s unemployment rate fell to 6.5% in November, the lowest in 16 months, due to a significant cool-down in population growth and the labor force. The economy added an unexpected 54,000 jobs, primarily in the private sector and among young people, though most of these gains were part-time. Alberta saw the largest employment gains, with several other provinces also contributing. Strong job growth coupled with increasing average hourly wages and recent economic data suggest the Bank of Canada is unlikely to cut interest rates anytime soon.
John Q. Hosedrinker