Canada sheds the most jobs in a month since 2009
- Author: Darren Santiago Dec 09, 2019,
Dec 09, 2019, 0:29
Average hourly earnings for all private-sector workers in November rose 7 cents to 28.29 USA dollars.
BUNKER: Wage growth definitely continues to be the disappointment of jobs reports.
The Canadian economy lost 71,200 net jobs in November, and British Columbia is one of three provinces that contributed to the decline. Economists expect yearly growth of about 2.5% in 2019, compared to 2.9% previous year.
With tariffs hobbling manufacturing, the job market this year has underscored a bifurcation in the economy: Service industries - finance, engineering, health care and the like - have been hiring at a solid pace, while manufacturers, miners and builders have been posting weak numbers.
Hiring has slowed in a few sectors including retail, which added only 2,000 jobs ahead of the holiday shopping season, and construction, which added only 1,000 jobs. The end of the strike saw over 41,000 workers added to auto manufacturing jobs. This is an increase in the rate of job growth from earlier in 2019.
Meanwhile, the services sector lost 44,400 jobs as the number of public administration jobs fell by 24,900 jobs in November.
Additionally, there is a large employment percentage gap within the Buckeye State.
But the continued hiring bonanza should bolster the Federal Reserve's decision to keep the benchmark interest rate stable after three cuts this year, with central bankers believing more stimulus is unnecessary.
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Thus, November 2019 marks the 21st consecutive month in which the unemployment rate has been equal to or less than 4%. Accordingly, this has an impact on the unemployment rate: it rose to 5.9 percent (in August 2018 it reached 6%). The agency increased October's total by 28,000 jobs to 156,000 while September's rose 13,000 jobs to 193,000. Shares came under pressure after the release of a controversial holiday ad, but the selling was likely the result of profit-taking, as the stock had gained 62 percent since November 5.
The data in the household survey was generally positive.
The surge in November payrolls defied an Institute for Supply Management survey showing a measure of manufacturing employment contracted in November for the fourth straight month.
Employment was down for men between the ages of 25 to 54 and women aged 55 and over.
The Dow Jones Industrial Average was up almost 267 points, or 0.9 percent, at $27,939.04 as of 10:27 a.m. There was a modest increase of 0.1 weeks in the median duration.
Friday's report is most decisively the latter. The unemployment rate is expected to remain 3.6%, near a half-century low.
Another discouraging item in the household data is the decline in the share of the workforce that chooses to work part-time.
This should be seen as a mostly positive report.
BUNKER: These are industries that are more exposed to the global economy, which has slowed down considerably this year.