Canadian job growth surged last month, exceeding market expectations by a wide margin, as gains in full-time hiring helped push the unemployment rate to its lowest level in more than 40-years.
The Canadian economy added a net +94.1K jobs in November vs. expectations for an increase in employment of +10K.
Canada’s jobless rate fell to +5.6% in November, down from +5.8% in the previous month. Market expectations were for the jobless rate to remain at +5.8%.
Meanwhile, average hourly wage growth decelerated to +1.7% y/y, down from +2.2% in October.
The loonie has rallied aggressively, +0.85% to C$1.3306.
Stateside, U.S Treasury yields and dollar are heading back down after the weaker-than-expected jobs figures (+155K vs. +198Ke). The yield on the 10-year is at +2.883%, after eclipsing +2.90% earlier this morning. The Dollar Index is down -0.2% after rising earlier in the day.
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