Employment in Canada declined by 36,000 jobs in November, largely as the result of losses in part-time work. The national unemployment rate edged 0.1 points higher to 7.1 per cent. Total hours worked, which is strongly correlated with economic growth, is up 1.1 per cent over the past 12 months while total employment is up 0.7 per cent over that time period.
In BC, employment fell by 1,400 jobs following strong gains in October. The provincial unemployment rate declined 0.1 points to 6.2 per cent . Year-to-date, employment in BC is up 1.2 per cent but has risen at a rate of 2.5 per cent over the past three months.
In the US, payrolls expanded by a robust 211,000 jobs while estimates of job growth in previous months were revised higher by 35,000 jobs. The US unemployment rate was unchanged at 5 per cent.
Copyright British Columbia Real Estate Association. Reprinted with permission.