News Worms
News Worms


Unemployment drops again in Victoria, Statistics Canada

Unemployment drops again in Victoria, Statistics Canada

However, other large cities had lower unemployment rates than Montreal in November.

Canada's red-hot job market smashed all expectations in November, adding 80,000 jobs at a time when the experts predicted the economy would be slowing. While Statistics Canada's month-to-month labour force survey data tends to be volatile, the agency said the country had added 390,000 jobs over the 12 months through November, up 2.1 per cent, entirely attributable to 441,400 new full-time jobs.

Despite an encouraging number nationally showing the unemployment rate in Canada was below six percent for the first time since 2008, more people were looking for work in Saskatchewan in November.

Victoria's unemployment rate for the month of November was the lowest in the country at 3.3 per cent, but the news may not be as good as it seems.

Almost all of the net new jobs in November were in the private sector.

Meanwhile, full-time employment recorded another healthy gain in November, up 29,600.

The November employment report indicated average hourly wages rose by a strong 2.8% on a one-year basis, or the third straight month of 2% gains.

"Today's blockbuster employment report raises the risk of an earlier move". StatsCan reported on Friday that the economy grew 0.4 per cent in the third quarter of this year, less than half the 1-per-cent growth seen the quarter before.

November's unemployment rate was the lowest November unemployment rate since comparable statistics started being recorded in 2001. The increase in real gross domestic product was driven by a four per cent expansion, at an annual rate, in household spending.

Statistics Canada also made a downward revision to Canada's real GDP number for the second quarter - dropping it down to an annualized pace of 4.3 per cent compared with its initial reading of 4.5 per cent.

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