Unemployment at 40-year Low
CBJ — A blast of new jobs last month knocked the country’s unemployment rate down to its lowest level since Statistics Canada started measuring comparable data more than 40 years ago.
Canada added 94,100 net jobs for its largest monthly increase since March 2012 when there was a gain of 94,000 jobs, Statistics Canada said in its the labour force survey. The November surge was fuelled by other positives: 89,900 new full-time positions and 78,600 employee jobs in the private sector.
The jobless rate fell to 5.6% last month from October’s reading of 5.8%, which had been the previous low mark since comparable data first became available in 1976. The old statistical approach — prior to 1976 — registered an unemployment rate reading of 5.4% in 1974.
Experts have been expecting wage growth to pick up its pace, thanks to the tightened labour market. But the opposite has been happening — wage growth has dropped every month since its May peak of 3.9 per cent and now sits well below inflation.
The Bank of Canada keeps a close watch on wages ahead of its interest-rate decisions.