Blog post

Key Points

• The Canadian job market experienced significant growth in November, with an increase in employment across various sectors.
• Unemployment rates in Canada remained stable, indicating a robust labor market despite economic uncertainties.
• Job gains were seen in industries such as manufacturing, construction, and professional services.
• The positive employment figures suggest resilience in the Canadian economy as it navigates post-pandemic recovery.
• Ongoing labor market improvements could influence future economic policies and interest rate decisions in Canada.

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The Canadian job market saw growth in November, according to Statistics Canada’s latest report, with the unemployment rate falling to 8.5%.

The agency said the economy added 245,800 jobs in the month of November, the highest monthly job gain since October 2019, when it added 303,000 jobs. In comparison, October saw a gain of just 44,000.

The unemployment rate also fell to 8.5%, down from 8.9% in October.

The report showed that the majority of job gains in November were in full-time positions, with 208,400 jobs added, while 37,400 part-time positions were created. The majority of the jobs were in the services sector, with 166,000 jobs added, while the goods-producing sector saw 59,000 jobs added.

The report also showed that the youth employment rate rose to 12.8%, up from 12.4% in October.

The news comes as a welcome relief for the Canadian job market, which has been struggling with a lack of job growth for months. The labour market has been particularly hard hit by the pandemic, with more than 1.6 million Canadians out of work since the start of the pandemic.

The government has been rolling out a number of programs to help with job retention and job creation, such as the Canada Emergency Wage Subsidy and the Canada Emergency Response Benefit.

Statistics Canada said the job gains in November were mainly in Quebec, Ontario and Alberta. It noted that the job gains were spread across different industries, including retail, hospitality, and business services.

Overall, the report showed that the Canadian job market is slowly recovering from the effects of the pandemic. While the job numbers are welcome news, there is still a long way to go before the job market fully recovers.