Canada's jobless rate hits lowest since 2008 as hiring spikes

By The Canadian Press

Thomas market added 3,900 jobs in November as the unemployment rate held steady at 6.3 per cent.

While the labour participation rate saw an increase to 59.9% from October's 59%, it remains among the lowest in Canada.

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

"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 labour participation rate continues to be a problem for London.

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The labour market added 441,400 full-time positions year-over-year for an increase of three per cent and its strongest 12-month period of full-time job creation in 18 years. "If anything, today's blockbuster employment report raises the risk of an earlier move".

According to Statistics Canada, exports fell 2.7 percent, mainly attributable to fewer foreign sales of Canadian passenger cars and trucks, mineral products, consumer goods, and energy products.

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. StatsCan reported on Friday that the economy grew 0.4 per cent in the third quarter of this year, less than half the 1-per-cent growth seen the quarter before.

This year, the region is in the middle of the pack, with Vancouver Island and the Coast (4.4%), the Lower Mainland (4.1%), and the North Coast and Nechako (5%) posting lower unemployment rates.

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