• CAN Nov jobs: +79.5k (exp. +10k, last +35.3k)
  • Unemployment: +5.9% (exp. +6.2%, last +6.3%)
  • Full-Time Jobs +29,600; Part-Time +49,900

The Canadian labor market continues to defy expectations, as the economy recorded the biggest one-month job gain in nearly six years while the unemployment rate dropped below the psychological +6% benchmark.

The Canadian economy added a net +79,500 in November on a seasonally adjusted basis (the best one-month print since April 2012).

The market consensus was for a 10,000-job advance, according to economists at Royal Bank of Canada.

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The unemployment rate fell to +5.9% from a +6.3% level in October – the lowest unemployment rate in nearly a decade.

Wage growth also accelerated, with average hourly pay rising at its fastest pace in 19-months, up +2.8% y/y.

The loonie is up +0.85% outright, trading at C$1.2769.

Food for thought: Canadian minimum wages goes up in January 2018, will some of the short-term job gains be reversed?


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