November’s much better-than-expected 53,600 rise in employment marks the third consecutive large consensus-beating gain, confirming that hiring has regained momentum after the initial tariff shock. The even more striking development was the huge 0.4%-point plunge in the unemployment rate, suggesting that much slower immigration is also helping to reduce spare capacity in the labour market. It now seems very unlikely that the Bank of Canada will need to provide additional policy support to the economy next year, as we have been forecasting.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
