October’s surprise addition<\/a> of 66,600 jobs, which was also dominated by part-time work.<\/p>\nGrantham also notes the 0.2 percentage point drop in the participation rate \u2014 a measure of the proportion of the population working or actively seeking work \u2014 which he says “flattered” the unemployment rate. Still, the November data were “still clearly much better than expected,” Gratham acknowledges.<\/p>\n
“While we doubt that the labour market is quite as strong as today’s headline data suggests\u2026 today’s release is still supportive of our assumption that the Bank of Canada’s rate-cutting cycle has ended,” he wrote.<\/p>\n
Job growth last month was concentrated among youth aged 15 to 24 (50,000 jobs added). By industry, the most jobs were added in healthcare and social assistance (up 46,000, or 1.6 per cent), accommodation and food services (up 14,000 or 1.2 per cent) and natural resources (up 11,000 or 3.4 per cent). The increases in accommodation and food services were the first since January.<\/p>\n
Average hourly wages were up 3.6 per cent from November 2024, rising $1.27 to $37.<\/p>\n
In a note published last week, CIBC chief economist Avery Shenfeld said the October figures \u201c[seem] to have been an outlier on the high side relative to other indicators\u201d with the unemployment rate potentially poised to edge higher again as a result.<\/p>\n
\u201cThat\u2019s likely not enough to bring some of the BoC [Bank of Canada] hawks onside for a December rate cut,\u201d Shenfeld argued, \u201cbecause the Bank\u2019s last statement suggested they wanted to step aside and let some data go by to judge whether rates were indeed, as they put it, \u2018about right\u2019 at this point.\u201d<\/p>\n
This story will be updated.<\/p>\n
John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on X @jmacf.<\/p>\n
Download the Yahoo Finance app, available for Apple and Android.<\/p>\n","protected":false},"excerpt":{"rendered":"In October, Canada gained 66,600 jobs and the unemployment rate dropped 0.2 percentage points to 6.9 per cent.…\n","protected":false},"author":2,"featured_media":327156,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[52,49,48,13834,44,45755,2442],"class_list":["post-327155","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-of-canada","tag-ca","tag-canada","tag-cibc","tag-news","tag-participation-rate","tag-unemployment-rate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/327155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=327155"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/327155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/327156"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=327155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=327155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=327155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}