Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Canada's labor market blew past expectations in November with strong hiring from services companies as the economy reopened. The jobless rate dropped to 6.0% from 6.7% to come within 0.3pp of the pre-pandemic mark, and employment rose by 153,700, Statistics Canada said Friday, beating forecasts of 30,000 new jobs and 6.7% unemployment following the prior month's 31,200 job gain.
The report should ease the central bank's concern about an uneven recovery holding back the economy's potential, and investors already predict a decision Wednesday will affirm a tightening could happen as soon as April. The focus now is fastest CPI inflation in decades and today's job report also showed wages of permanent employees rose 3% from a year ago, topping the BOC's 2% target.
Unemployment headed towards 15% at the height of the pandemic and is nearing the historical low of 5.4% seen before Covid struck. The employment rate climbed to 61.4% from 61.0%, nearing the pre-Covid mark of 61.8%. Hours worked rose 0.7%, returning to the pre-pandemic level.
Canada's Unemployment Rate
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.