Canada's unemployment rate declined slightly to 5.1 per cent, wages grow again
The unemployment rate in Canada declined slightly to 5.1 per cent in November, according to new data released by Statistics Canada Friday.
The agency says the unemployment rate decreased for the second time in three months, edging it closer to its record low of 4.9 per cent seen in June and July.
“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)
- Brantford, Ont. 5.2 per cent (4.8)
- Guelph, Ont. 5.0 per cent (5.0)
- London, Ont. 5.9 per cent (6.5)
- Windsor, Ont. 8.6 per cent (8.5)
- Barrie, Ont. 4.8 per cent (4.9)
- Greater Sudbury, Ont. 4.6 per cent (4.7)
- Thunder Bay, Ont. 4.8 per cent (5.2)
- Winnipeg 4.8 per cent (5.0)
- Regina 4.5 per cent (5.0)
- Saskatoon 4.0 per cent (4.1)
- Lethbridge, Alta. 3.5 per cent (4.1)
- Calgary 6.0 per cent (5.3)
- Edmonton 5.5 per cent (5.2)
- Kelowna, B.C. 4.9 per cent (4.3)
- Abbotsford-Mission, B.C. 4.6 per cent (5.4)
- Vancouver 4.4 per cent (4.4)
- Victoria 3.5 per cent (4.3)
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