The Canadian labor market continues to defy expectations, as the economy recorded the biggest one-month job gain in nearly six years while the unemployment rate dropped below the psychological +6% benchmark.
The Canadian economy added a net +79,500 in November on a seasonally adjusted basis (the best one-month print since April 2012).
The market consensus was for a 10,000-job advance.
The unemployment rate fell to +5.9% from a +6.3% level in October – the lowest unemployment rate in nearly a decade.
Wage growth also accelerated, with average hourly pay rising at its fastest pace in 19-months, up +2.8% y/y.
The loonie is up +0.85% outright, trading at C$1.2769.
Food for thought: Canadian minimum wages goes up in January 2018, will some of these short-term job gains be reversed?