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But Job Growth Disappoints.
(RTTNews) - Canada's unemployment rate dropped in November to its lowest level in almost two years, as the economy generated 15,200 jobs, official data revealed Friday morning.
With Statistics Canada noting a significant decline in the number of young people participating in the labor market, the jobless rate fell to 7.6% from 7.9%.
November's jobless rate is the lowest since January of 2009, but the economy added fewer jobs than economists were expecting.
Consensus estimates called for an additional 19,000 jobs to be created in November.
"The details of the report were generally on the sluggish side of the ledger, as full-time positions fell 11,500 (after solid gains in the three prior months), private sector payrolls were down by a similar tally, and manufacturing fell heavily," said Douglas Porter, Deputy Chief Economist at BMO Capital Markets.
In November, part-time gains were partly offset by decreases in full time. Over the past year, part-time employment has grown by 4.0%, a faster pace than the 1.4% growth in full time.
Jobs were added in health care, retail and wholesale trade, and the food industry, while employment fell in manufacturing as well as in finance, insurance, real estate and leasing.
Strong gains were seen in Ontario, while employers cut jobs in Quebec and Manitoba.
Since November 2009, when the labor market bottomed out amid a severe global recession, employment has risen by 318,000, or 1.9%.
While employment among youths was unchanged in November, there were fewer youths looking for work. As a result, their unemployment rate fell 1.4 percentage points to 13.6%.
"The good news is that more Canadians are working than ever before. The bad news is that the quality of those jobs may be a tad lacking in some cases," added Porter.
"The main point for the Bank of Canada is that there is no urgency to get back to tightening, even if the drop in the jobless rate suggests things are firming."
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Care to take a guess at what they are doing in-order to achieve these far better numbers then we are currently suffering with ?
(RTTNews) - Canada's unemployment rate dropped in November to its lowest level in almost two years, as the economy generated 15,200 jobs, official data revealed Friday morning.
With Statistics Canada noting a significant decline in the number of young people participating in the labor market, the jobless rate fell to 7.6% from 7.9%.
November's jobless rate is the lowest since January of 2009, but the economy added fewer jobs than economists were expecting.
Consensus estimates called for an additional 19,000 jobs to be created in November.
"The details of the report were generally on the sluggish side of the ledger, as full-time positions fell 11,500 (after solid gains in the three prior months), private sector payrolls were down by a similar tally, and manufacturing fell heavily," said Douglas Porter, Deputy Chief Economist at BMO Capital Markets.
In November, part-time gains were partly offset by decreases in full time. Over the past year, part-time employment has grown by 4.0%, a faster pace than the 1.4% growth in full time.
Jobs were added in health care, retail and wholesale trade, and the food industry, while employment fell in manufacturing as well as in finance, insurance, real estate and leasing.
Strong gains were seen in Ontario, while employers cut jobs in Quebec and Manitoba.
Since November 2009, when the labor market bottomed out amid a severe global recession, employment has risen by 318,000, or 1.9%.
While employment among youths was unchanged in November, there were fewer youths looking for work. As a result, their unemployment rate fell 1.4 percentage points to 13.6%.
"The good news is that more Canadians are working than ever before. The bad news is that the quality of those jobs may be a tad lacking in some cases," added Porter.
"The main point for the Bank of Canada is that there is no urgency to get back to tightening, even if the drop in the jobless rate suggests things are firming."
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Care to take a guess at what they are doing in-order to achieve these far better numbers then we are currently suffering with ?
