Unemployment Rate Is Up Province-Wide, Down In Moncton And Saint John

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Unemployment Rate Is Up Province-Wide, Down In Moncton And Saint John

Employment rose by 94,000 in November, decreasing the unemployment rate from 5.8% to 5.6%, which is the lowest point since comparable data became available in 1976.

In all 46,100 people were working, 2,500 looking for work and 24,300 of working age not participating.

Across Canada, employment rose by 94,000 in November, and saw its unemployment rate drop to 5.6%, according to Stats Canada.

The local unemployment rate dipped again last month to a near record low, but the numbers aren't entirely rosy.

The unadjusted, three-month moving average dropped to 3.9 per cent from 4.1 per cent in October.

Another positive is that both last months spike and the yearly gains have been driven by full-time work. The employment participation rate also declined by 0.4 per cent.

In London, the unemployment rate also fell to 4.8 per cent, down 0.1 points.

In spite of solid employment gains, wage growth decelerated for a sixth consecutive month.

"As Governor Poloz's speech yesterday made clear, energy sector developments and softer momentum are weighing on the Bank of Canada's minds, and will likely delay the next policy interest rate hike into Spring 2019".

"If we're seeing wage growth that can't even keep up with the pace of inflation, it makes it much more hard for households to absorb the Bank of Canada's desire to lift rates higher from this point forward".

The November unemployment report showed that the manufacturing sector added 26 900 jobs in connection noticeable increase in construction 14800 positions. While the Barrie-area population increased by about 300 people between October and November, the labour force dropped by 500 and the number of jobs decreased by 200.

Overall, the economy has added a total 154,000 jobs through November, all full-time. Core aged workers led the way added 48.8k net gain in employment among those aged 55+ was 38.8k.

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