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Employers created 54,000 positions last month, dropping the unemployment rate to 6.5 per cent from 6.9 per cent in October, Statistics Canada reported. The new jobs were mostly part-time and concentrated in health, hospitality and resources. Average hourly wages increased 3.6 per cent from November 2024, faster than inflation. (The Logic)
Talking point: The latest hiring data is more evidence that Canada might avoid a tariff-induced recession. When the jobless rate touched 7.1 per cent in September that wasn’t assured. An economy that’s being propped up by part-time hiring isn’t necessarily a strong one. Most of the new jobs went to younger workers, so it’s fair to judge the quality of recent hiring. At the same time, youth employment has now grown in two consecutive months after sinking to troubling lows earlier this year. Take these numbers for what they are: a positive surprise.
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