Blockbuster jobs report blasts through expectations in November

Strong Canadian Job Growth Drove the Unemployment Rate Down to 6.5%

By Dr. Sherry Cooper, Chief Economist for Dominion Lending Centres

Today’s Labour Force Survey for November blew past expectations for the third consecutive month.

The Canadian economy added 53,600 jobs in November, marking the third straight month of unexpectedly strong gains amid US tariffs that otherwise slowed activity.

Employment rose by an impressive 180,000 since September, marking the strongest three-month period for job gains since about a year ago. The employment increase has also more than reversed job losses over Canada’s summer months.

Where gains were most significant

Youth hiring led the latest gains, with employment growth heavily concentrated among those aged 15 to 24. That strength pulled the youth unemployment rate down to 12.8%, from a peak of 14.7% earlier this year, underscoring improved conditions for younger workers even as broader cyclical headwinds persist.

The employment increase last month was also driven by part-time work and the private sector. Health care and social assistance led the job gains, with employment rising by 46,000 in that sector. 

Part-time positions rose by 63,000 (1.6%). Over the past three months, part-time employment has increased by 2.7% (103,000), outpacing the 0.5% (78,000) growth in full-time jobs over the same period.

Continue reading here...