November was a great month for job creation. It was the 12th straight month of positive news about jobs.
Against any favorable expetaction, jobs creation had a revamp. A wave of job creation last month knocked the unemployment rate down to 5.9% — its lowest level in nearly a decade.
The economy churned out another 79,500 net new jobs in November and drove the jobless rate down 0.4 percentage points from 6.3 per cent the month before, Statistics Canada informed in its latest labour force survey.
The federal statistical agency also released fresh figures for growth — they showed that the economy expanded at an annual pace of 1.7% in the third quarter.
But the strong November jobs numbers, marking Canada’s 12th-straight month of positive job creation, stood out.
One expert described the labour market as pretty much “unstoppable.”
“Just on its face, it’s a very large number — and following 11 months of gains it’s kind of running out of superlatives to describe it,” said TD senior economist James Marple. “It’s hard to argue the Canadian economy is not operating at full employment.”
