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Briefing

Unemployment stays near record low, setting stage for another interest-rate hike

Canada added 10,000 jobs in November, a number small enough for Statistics Canada to call employment levels “little changed” from the month before. But the agency reported that the unemployment rate, which is calculated using the number of people actively looking for work, fell 0.1 percentage points to 5.1 per cent last month; hourly wages also increased 5.6 per cent versus the year before. (The Logic)

Briefing

Unemployment stays near record low, setting stage for another interest-rate hike

By David Reevely
Dec 2, 2022
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Canada added 10,000 jobs in November, a number small enough for Statistics Canada to call employment levels “little changed” from the month before. But the agency reported that the unemployment rate, which is calculated using the number of people actively looking for work, fell 0.1 percentage points to 5.1 per cent last month; hourly wages also increased 5.6 per cent versus the year before. (The Logic)

Talking point: Workers’ confidence in the job market might be behind complaints from the Canadian Federation of Independent Business that more than a third of its members have had interviewees ghost them during the recruiting process or people who have actually been hired not turn up for work. The Bank of Canada is updating its key interest rate next week and although the economy is cooling after several big inflation-fighting hikes in a row, analysts saw the steady jobs numbers as the basis for another increase.

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