Canada’s jobless rate at lowest level since 2008

Canada’s jobless rate has fallen to 5% in November, its lowest level since the 2008 recession.

According to Statistics Canada’s monthly labour force survey, 79,500 jobs were added in November, a total of approximately 400,000 since January. The employment gain and jobless figures surpassed economist predictions of a 6.2% unemployment rate and 10,000 new jobs.

"The strong employment and household spending are driving improvements in consumer sentiment, with RFi Group's data showing that 1 in 3 Canadian retail banking customers are not concerned about their current financial situation, a significant increase from 30% in the first half of 2017."

Retail and wholesale posted the largest boost in employment, adding 38,800 jobs, followed by manufacturing 30,400 and education services. Of these positions, 29,600 were full-time, with 49,900 being part-time.

The fall in unemployment is facilitating household spending, according to a separate GDP report, with household consumption increased by an annualized 4%. The strong employment and household spending are driving improvements in consumer sentiment, with data from RFi Group’s latest Canada Priority and Retail Banking Council study showing that 1 in 3 Canadian retail banking customers are not concerned about their current financial situation, a significant increase from 30% in the first half of 2017.

 

Upcoming Events
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance