Canada’s economy added 54,000 jobs in November, pushing the unemployment rate down to 6.5 per cent from 6.9 per cent in October. This is the second month in a row the jobless rate has dropped, after reaching a recent high of 7.1 per cent in September.
Most of the new jobs came from part-time work, according to Statistics Canada. Over the past three months, the economy has added 181,000 jobs after little growth earlier in the year. Sectors such as health care and social assistance saw big gains, along with accommodation, food services, and natural resources.
Economists had expected the economy to lose jobs, so November’s report surprised many. The strong numbers also make it more likely that the Bank of Canada will keep interest rates steady at 2.25 per cent at its Dec. 10 meeting.
Even with the recent improvement, experts say the job market still faces challenges. Trade issues, a drop in full-time jobs, and slower economic growth could cause problems in the months ahead. Part-time work has grown faster than full-time work, and nearly one in five workers now has a part-time job.
Wages continued to rise, with average hourly pay up 3.6 per cent compared to last year. The youth unemployment rate also fell to 12.8 per cent in November.
