Victoria's low unemployment rate raises concerns

Dec 03, 2017, 00:45
Victoria's low unemployment rate raises concerns

It's the lowest since February, 2008, Statistics Canada said Friday morning.

Royal Bank of Canada economist Josh Nye described the job growth as reaching the stratosphere - but pointed to the average hourly wage growth of 2.7 per cent year-over-year as a sign that might stir Canada's central bank.

"The lion's share of national employment growth in November was recorded in Ontario, with 44,000 more people employed, mostly in wholesale and retail trade as well as in manufacturing", Statistics Canada said.

The unemployment rate in western Alberta dropped last month.

According to Statistics Canada's latest report, the unemployment rate in Windsor fell from 6.9 per cent in October to 6.3 in November.

Unemployment in the Northeast dropped to 5.3 per cent in November, a dramatic rebound and down by almost half from the same time past year. And all of the net gain was in full-time positions. But the strong November jobs numbers, marking Canada's 12th straight month of positive job creation, stood out.

The labour participation rate continues to be a problem for London.

"If that trend holds up it will be hard for the Bank of Canada to remain on the sidelines much longer", he wrote in a note.

In fact, the number of full-time jobs has increased by an even larger number - 441,000 in the past year, StatsCan said, for the strongest pace in 18 years.

"Today's blockbuster employment report raises the risk of an earlier move". Quebec added 16,000 jobs, and its 5.4-per-cent unemployment rate is the lowest since on record; the province has never seen jobless rates this low in comparable data going back to 1976. The increase in real gross domestic product was driven by a four per cent expansion, at an annual rate, in household spending. The data found the compensation of employees increased 1.3 per cent in nominal terms for its strongest quarterly growth in three years.

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