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Canada Unemployment Up While Wages Remain Hot

  • Canadian Nov employment +24.9K vs forecast of +13.5K, the labour force increased by +36K. 
  • Unemployment rate +5.8% vs prior of 5.7%, the highest since Jan 2022. 
  • Average hourly earnings +4.8% YOY, the same rate as Oct. Average hourly earnings for permanent workers +5%. 
  • Hours worked decreased -0.7% in Nov but were up +1.3% YOY. 
  • Full time workers led the increase with +59.6K while part time fell -34.7K.
  • Manufacturing and construction had the highest employment gains while wholesale and retail saw declines. 
  • "In finance, insurance, real estate, rental and leasing, employment fell by 18,000 (-1.3%) in November. Since July, employment in this industry has declined by 63,000 (-4.4%), the steepest decrease of any industry over the period."

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