“Wage growth is showing no signs of slowing down,” says Mahmoud Khairy, Canadian Chamber of Commerce economist. “This will surely raise flags for the Bank of Canada as it looks to reel inflation in with aggressive hikes.”
Since March, the Bank of Canada has raised its policy rate six times to 3.75 per cent, to tackle inflation.The bank is widely expected to hike its rate again on Dec. 7.
Canada added just 10,000 new jobs in November, compared to the 108,000 jobs added in October.
“Economic growth is still widely expected to slow in the fourth quarter and into the first half of next year,” says Khairy.” As the cumulative impact of rising interest rates and the slowing global economy take a toll.”
Industries such as finance, real estate, insurance and manufacturing saw gains in employment. In contrast, jobs in construction fell by 25,000 and retail trade and wholesale saw a loss of 23,000 jobs.
The number of workers working full time increased by 51,000 this month and has grown by 460,000 year-over-year. Part-time employment remained the same in November, but is down by 91,000 jobs compared to last year.
Employment among women aged 25 to 54 reached 81.6 per cent, its highest level since Statistics Canada began collecting data in 1976.
From The Canadian Press:
Here are the jobless rates last month by province (numbers from the previous month in brackets):
Newfoundland and Labrador 10.7 per cent (10.3)
Prince Edward Island 6.8 per cent (5.4)
Nova Scotia 6.0 per cent (6.7)
New Brunswick 7.3 per cent (6.7)
Quebec 3.8 per cent (4.1)
Ontario 5.5 per cent (5.9)
Manitoba 4.4 per cent (4.6)
Saskatchewan 4.2 per cent (4.6)
Alberta 5.8 per cent (5.2)
British Columbia 4.4 per cent (4.2)
Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the previous month in brackets):
St. John's, N.L. 6.9 per cent (5.9)
Halifax 5.2 per cent (5.5)
Moncton, N.B. 5.2 per cent (5.6)
Saint John, N.B. 6.5 per cent (6.5)
Saguenay, Que. 5.4 per cent (4.9)
Quebec City 3.0 per cent (2.9)
Sherbrooke, Que. 2.7 per cent (2.6)
Trois-Rivieres, Que. 4.1 per cent (4.3)
Montreal 4.3 per cent (4.7)
Gatineau, Que. 4.6 per cent (4.3)
Ottawa 4.4 per cent (4.2)
Kingston, Ont. 5.7 per cent (5.4)
Belleville, Ont. 5.2 per cent (5.9)
Peterborough, Ont. 3.1 per cent (4.8)
Oshawa, Ont. 5.1 per cent (5.5)
Toronto 6.3 per cent (6.2)
Hamilton, Ont. 5.0 per cent (4.9)
St. Catharines-Niagara, Ont. 5.4 per cent (6.4)
Kitchener-Cambridge-Waterloo, Ont. 6.0 per cent (5.9)
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.
Canada is suffering from a severe skills shortage in several key sectors, experts say, thanks to factors that include deficiencies in our education system as well as changing demographics. CTVNews.ca looks at some of the skills that will be most in-demand in 2023.
Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.
Canadian investors who made it through a tumultuous 2022 face further uncertainty in the year ahead amid increased recession risk. Investment professionals and personal finance experts say the easiest way to grow your money this year is to keep things simple.
In early 2020, 25.1 per cent of Canadians received $2,000 from the Canada Emergency Response Benefit, according to Statistics Canada. In his latest column on CTVNews.ca, personal finance contributor Christopher Liew explains how repayment works.
