Unemployment has fallen in Canada-report
2022.12.02 09:01
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Unemployment has fallen in Canada-report
Budrigannews.com – According to official data released on Friday in the Canadian economy, November jobs increased and exceeded unemployment forecasts because more people are looking for work. This indicates that the labor market is still hot, although the central bank has raised interest rates.
Statistics Canada reported that there were fewer people in November than in October and this led to a decrease in unemployment by 5.1%. In November, Canada added 1,100 jobs, which exceeded the expected 5,000. According to analysts, unemployment is expected to reach 5.3.
The November reports come just a couple of days before the Bank of Canada set policy on Wednesday, and are based on a significant increase in salaries by 108,300 jobs in September. Since March, the Central Bank has increased the rate by 350 basis points and made this cycle of increase one of the longest in history.
In the money markets market before the publication of this report, it was indicated that in the coming week, most investments expect an increase of 25 points, and some believe that they will grow by 50 points, and some by 50. According to the National Bank’s estimates, the economy will slow down in the last quarter until mid-2022.
In November, the average salary of permanent employees increased by 5.4 percent, and a month earlier – by 5.5 percent. While the employment rate fell from 64.8 to 64.9 in October, small jobs were associated only with full-time employment in the service sector. In November, a new record high level among older women was 81.6.
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