Canada Creates 59,000 Jobs In November
TORONTO (AP) â¿¿ Canada added a surprisingly strong 59,300 jobs in November, dropping the country's unemployment rate by 0.2 points to 7.2 percent â¿¿ the lowest since June, Statistics Canada said Friday.
Almost all of the 59,300 new jobs were full-time and in the private sector, said the reporting agency.
Economists had expected a smaller increase of about 10,000 jobs, following a minimal 1,800 gain in October, considering the economy is weathering considerable headwinds from abroad, notably Europe, the United States and China.
The November jobs report gives hope that Canada's economy will pick up in the last months of 2012 after a disappointing summer.In the third quarter, Canada posted the weakest quarter of growth â¿¿ 0.6 percent â¿¿ in more than a year and analysts expect only a modest bounce-back during the current fourth quarter. Bank of Canada governor Mark Carney, who has described Canada's labor market record since the 2008-09 recession as better than most industrially advanced countries, has held its key rate at 1 percent for over two years but has been signaling plans to hike rates since April. Statistics Canada says with November's report, employment gains in Canada have reached 294,000 over the past 12 months, mostly full-time. By industry, employment rose about 28,000 in the accommodation and food services industries, while retail and wholesale trade increased by about 25,000, and professional, scientific and technical services picked up 23,000. But manufacturing had another bad month, shedding 20,000 workers. There were also 15,000 fewer workers in the other services category. Regionally, Ontario saw the most improvement with a pick-up of 32,000 jobs, dropping the province's unemployment rate 0.4 points to 7.9. Quebec gained about 18,000 jobs and Alberta 10,000. CIBC World Markets economist Avery Shenfeld said that November's strong gains were a good sign, although he said it was less positive that all the gains were in the service sector while there were fewer manufacturing and construction jobs.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV