Canadian employment rose almost six times faster than economists forecast in November with most of the increase coming from full-time and private-sector work.
The increase of 59,300 lowered the unemployment rate to 7.2 percent from 7.4 percent, the first decline in five months, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News projected a 10,000 gain in jobs and 7.4 percent unemployment, according to the median forecasts.
Bank of Canada Governor Mark Carney earlier this week kept in place the Group of Seven’s only bias to raise interest rates, citing an economy approaching full output while other central banks have offered new stimulus. The Bank of Canada is relying on domestic spending to lead growth over the next two years.
Full-time employment rose by 55,200 in November and part- time positions increased 4,100, Statistics Canada said. Private companies added 48,200 workers and public-sector employment climbed 5,400.
By industry, accommodation and food services led the increase with 28,300 new jobs in November, followed by retail and wholesale with 25,300 positions. Professional, scientific and technical services rose by 22,800.
Enerkem Inc. said Oct. 24 it will hire about 30 workers to staff a new facility that will turn waste into biofuel near Edmonton, Alberta.
Manufacturing employment dropped by 19,600 in November, Statistics Canada said, while transportation and warehousing declined by 13,600.
Workers designated by Statistics Canada as employees rose by 53,700 while the self-employed increased by 5,800 in November.
Average hourly earnings of permanent employees rose 2.2 percent in November from a year earlier, compared with a 3.9 percent in the prior month.
A separate report showed that labor productivity fell 0.5 percent the third quarter, as companies increased hours worked by 0.4 while output was little changed. Economists predicted the measure would fall 0.4 percent, based on the median of 10 estimates in a Bloomberg survey.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net
To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net
