'The labour market is still hot' — what economists say about the numbers

“The concern for the Bank is that, despite the slowdown in employment growth, the unemployment rate nevertheless declined to 5.1 per cent, from 5.2 per cent, as the labour force contracted. The better news is that the jump in average hourly earnings in October was not repeated,” Brown said in a client note. “On balance, we still think the Bank will drop down to a 25 basis-point hike next week, but it will be a closer call than market pricing seems to imply.

”Article content“There’s nothing here to obviously sway the Bank of Canada’s rate decision next week either way, but it’s quite clear that the labour market remains tight and in solid shape overall. The Bank has expressed concern about a possible acceleration in wage growth on many occasions, and the still-firm result here may keep them uneasy.

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Statistics Canada to release job market numbers for November - National | Globalnews.caRBC says it expects the economy added 5,000 jobs in November while the unemployment rate edged slightly higher to 5.3% from 5.2% the previous month.
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