80,000 jobs were added to the Canadian economy in November

November 30th, 2017  |  Canadian Business

Statistics Canada has reported that the Canadian economy has added 8 times more jobs than originally anticipated in the month of November. Statistics Canada’s Labour Force Survey said that nearly 80,000 jobs were added across the country. This marks the biggest addition of jobs in a single month in over 5 years, surpassing the numbers produced in April 2012 when the economy was bouncing back from a recession.

In addition, November also saw the lowest jobless rate since February 2008, coming in at 5.9%. And, the Canadian dollar rose almost a full penny to 78.37 cents US, mere minutes after Statistics Canada’s report was made public.

Broken down by providence, Ontario saw the bulk of the new jobs, with British Columbia, Quebec, and Prince Edward Island also seeing substantial growth. The majority of other provinces remained stagnant, aside from New Brunswick, which saw a loss of around 2,700 jobs.

The strong November numbers follow a successful October, when there was a growth of around 35,000 jobs. Karl Schamotta, strategist at Cambridge Global Payments, said in a note to clients after the numbers came out "this is the largest two-month gain in full-time employment since the early eighties (at least)."

"The Canadian economy continues to grow and add jobs at a blistering pace — seemingly putting the country's central bank on course to raise rates at least once in the early New Year."