Markets

More Jobs, But No Change In Jobless Rate

More Jobs, But No Change In Jobless Rate

Statistics Canada says Victoria's unemployment rate fell another half percent to 3.3 in November.

Nationally, the economy created 79,500 net new jobs which resulted in a drop in the unemployment rate to 5.9% from 6.3% in October.

The figures are a considerable improvement compared to the same time in 2016, when Sudbury's jobless rate was 7.5 per cent and 83,400 people had jobs. An April survey from temp agency Randstad Canada estimated 20 to 30 per cent of jobs in Canada today are "non-traditional", meaning temp work, contract work or self-employment. The province has gained 34,000 full-time jobs over the past year.

It was 5.4 in November 2016.

The November jobs numbers marked Canada's 12th straight month of positive job creation.




On the flip side, Fields said the biggest decline was in manufacturing, where 14,000 people were working last month, down about 6,500 from past year.

More seniors are also staying in the workforce, with one-fifth of workers over 65 staying on the job in 2016 - twice the rate of a decade earlier.

The number of factory jobs rose 37,400 last month, while the services sector added 42,100 positions. The consensus call among traders was for a 10,000-job advance, according to economists at Royal Bank of Canada.

Full-time work has gone up by 441,000 in the past year - representing a 3 per cent gain - at the fastest rate in 15 years, according to TD Bank. The increase in real gross domestic product was driven by a four per cent expansion, at an annual rate, in household spending.

The third-quarter report also said 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. The data found the compensation of employees increased 1.3 per cent in nominal terms for its strongest quarterly growth in three years.