Canada Sheds 35,700 Jobs in November

The Canadian economy shed 35,700 jobs in November to reverse a rise in temporary work likely generated by October’s federal election, Statistics Canada said Friday.

The number of public-administration jobs fell by 32,500 in November to offset an October increase of 32,000 positions in the same category, the federal agency found in its monthly job-market survey.

The worse-than-expected drop in jobs helped nudge November’s unemployment rate up one-tenth of a percentage point to 7.1 per cent.

“The November decline in public administration was seen across all provinces,” Statistics Canada said in the report.

“The decrease was concentrated among survey interviewers and statistical clerks, an occupational group that corresponds with the type of work done during the election.”

Historically, the agency has detected similar, temporary spikes in employment during election and census periods.

A consensus of economists had estimated the country would lose 10,000 jobs last month and for the unemployment rate to hold firm at seven per cent, according to Thomson Reuters.

The November data found the overall number of part-time positions declined by 72,300 compared to the previous month, while full-time jobs climbed by 36,600.

Regionally, Alberta saw its jobless rate jump from 6.6 per cent to seven per cent — the province’s highest level since April 2010 — as 14,900 fewer people were working there.

That drop in the number of jobs was the biggest decline from October to November of any province in the report.

via Montreal Gazette

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza