Published: Sun, December 03, 2017
Sports | By Brett Lawson

Unemployment rate edged lower in Montreal in November

Unemployment rate edged lower in Montreal in November

That rate is the country's lowest since February 2008, months before the Great Recession took its toll on the economy.

The Canadian economy added a net 79,500 jobs in November on a seasonally adjusted basis, Statistics Canada said Friday. For the September-to-November period, Canada added roughly 230,000 full-time jobs, or the strongest three-month gain in over a decade.

A wave of job creation last month knocked the unemployment rate down to 5.9 per cent - its lowest level in almost a decade.

Despite the low jobless numbers, the region lost around 2,000 people from the labour force in November.

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.

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Meanwhile, full-time employment recorded another healthy gain in November, up 29,600.

Compared with the year before, average hourly wages for permanent employees grew 2.7 per cent for the biggest increase since April 2016.

At the Bank of Canada's next rate-policy decision on Wednesday, analysts at TD Securities say they expect Governor Stephen Poloz "to stop broadcasting the view that there is still slack in the labour market. If anything, today's blockbuster employment report raises the risk of an earlier move".

November's unemployment rate was the lowest November unemployment rate since comparable statistics started being recorded in 2001. The gains were driven by full-time work, the report said. "It was the largest monthly increase in more than five years, and marked the 12th consecutive gain - an unusual streak that speaks of durability", said Sal Guatieri, senior economist with Bank of Montreal Capital Markets, in a research note.

The economy expanded at an annualized rate of 1.7 per cent in the third quarter of 2017 as weaker exports applied downward pressure on growth.

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