Victoria's low unemployment rate raises concerns

03 December, 2017, 01:53 | Author: Manuel Hopkins
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Statistics Canada says the economy churned out another 79,500 net new jobs in November and drove the jobless rate down 0.4 percentage points from 6.3 per cent the month before. The last time the national rate was this low, the global financial crisis hadn't yet happened.

Alberta's economy overall reached 7.3 per cent last month, which is the lowest it's been in in almost two years.

"From a pure economic perspective, it is healthy", he said.

London unemployment rate hovered below six per cent for most of the summer before it rose to its current level in October.

The figure was close to the 1.6 percent growth analysts were expecting, after a rate of 4.3 percent (revised down from 4.5 percent) was posted in the previous period.

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Royal Bank of Canada economist Josh Nye described the job growth as reaching the stratosphere - but pointed to the average hourly wage growth of 2.7 per cent year-over-year as a sign that might stir Canada's central bank.

Looking at the bigger picture, employment rose 2.1 per cent across the country in the 12 months leading up to November as the economy added 390,000 net jobs. "It was the largest monthly increase in more than five years, and marked the 12th consecutive gain - an unusual streak that speaks of durability", said Sal Guatieri, senior economist with Bank of Montreal Capital Markets, in a research note.

It was also the first time since the beginning of 2013 that housing investment (real estate) fell for two consecutive quarters.

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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