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CANADA DATA: Canada Nov Jobless Rate +6.8%, Highest Since 2017 Ex-Pandemic

CANADA DATA
Bank of CanadaCentral Bank NewsCanadaData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • Canada unemployment rate +6.8% in November, above consensus for +6.6%. Jobless rate +1.7pp since April 2023. 
  • Employment +50.5K, above consensus for +20K. Labour force +137.8K in November, highest gain since September 2021.
  • Average hourly wages +4.1% YOY after +4.9% in October.    
  • Also signalling slack in the labour market, the number of unemployed +22% YOY.
  • Hours worked -0.2% MOM, +1.9% YOY. 
  • The Jobs Report is the last major release before the BoC's interest-rate decision on Dec. 11 where the bank is expected to cut rates for the fifth meeting in a row. 
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  • Canada unemployment rate +6.8% in November, above consensus for +6.6%. Jobless rate +1.7pp since April 2023. 
  • Employment +50.5K, above consensus for +20K. Labour force +137.8K in November, highest gain since September 2021.
  • Average hourly wages +4.1% YOY after +4.9% in October.    
  • Also signalling slack in the labour market, the number of unemployed +22% YOY.
  • Hours worked -0.2% MOM, +1.9% YOY. 
  • The Jobs Report is the last major release before the BoC's interest-rate decision on Dec. 11 where the bank is expected to cut rates for the fifth meeting in a row.