Canada's Unemployment Rate Plunges To Lowest In Nearly A Decade

Unstoppable’ labour market adds jobs for 12th month drops jobless rate to 5.9%    
     The Canadian PressDec. 1 2017 5:26

On a year-over-year basis, the number of people drawing a paycheque in Saskatchewan was down one percent from November of 2016.

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

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.

"Just on its face, it's a very large number - and following 11 months of gains it's kind of running out of superlatives to describe it", TD senior economist James Marple said.

The slowdown marks the end of a rally for the Canadian economy that had, until now, lead its peers in the Group of Seven industrialized nations (G7).

Ireland's Coveney says breakthrough on Brexit border issue 'doable' by December summit
In fact, both Northern Ireland and Scotland voted to remain in the European Union by margins of 55.8% and 62% respectively. Tusk told Varadkar that the bloc is "fully behind you and your request that there should be no hard border".

All in all, Canada's economy has added 441,000 full-time jobs in the past year.

At the Bank of Canada's next rate-policy decision on Wednesday, analysts at TD Securities say they expect Governor Stephen Poloz "to stop broadcasting the view that there is still slack in the labour market".

"If that trend holds up it will be hard for the Bank of Canada to remain on the sidelines much longer", he wrote in a note. The unemployment rate fell nearly half a per cent to 5.5 per cent, the lowest its been since July 2000. At the same that it released November's labor force survey, Statistics Canada said the country's gross domestic product advanced in the third quarter 1.7% annualized, following a 4.3% gain in the second quarter.

Investment in residential structures fell for a second-straight quarter - the first time since early 2013 that the category saw a decrease in two straight quarters.

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