Further evidence to Canada’s strengthening recovery came in the form of the monthly employment report indicating 79,000 new jobs were created in the month of November. The new unemployment rate is now 8.5 percent, down from 8.6 percent in October.
Economists were at a loss to describe the dramatic results, and many noted that while the employment situation in Canada is certainly improving, it is unlikely that it can continue to expand at November’s rate.
“Simply put, this was an inexplicably strong report, and points to a very strong pick-up in Canadian labour market activity in November,” Millan Mulraine of TD Securities wrote in a note to investors.
“However, we consider this pace of job growth to be unsustainable, and believe that it is inconsistent with the current pace of economic recovery in Canada.”
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