“If you add up just the number of jobs gained in November and October, it’s pretty substantial.”
Canada’s labour market has remained remarkably strong despite signs of an economic slowdown. The unemployment rate fell to a record-low of 4.9 per cent in the summer and has edged up only slightly since then. “We had several months of very weak reports through the summer and early autumn, then we had a gangbusters report in October. And now we’re kind of back to a treading water kind of report,” he said.In November, wages were up 5.6 per cent compared to a year ago, marking the sixth consecutive month of above 5.0 per cent growth.Bank of Canada governor Tiff Macklem has characterized Canada’s low unemployment rate as unsustainable and said it’s contributing to high inflation.
Recent research from the Bank of Canada suggests it believes it can bring inflation down without causing a large increase in unemployment.
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