Canadian employment increased by 11,000 jobs in November, the third consecutive month of positive job growth. The national unemployment rate fell 0.2 points to 6.8 per cent and total hours worked, which is highly correlated with economic growth, were up 1.1 per cent compared to this time last year. In BC, employment posted a monthly decline of 9,300 jobs. In spite of that, the provincial unemployment rate ticked 0.1 points lower to 6.1 per cent. Year-to-date, provincial job growth remains the strongest in the country at about 3 per cent.
In the US, payrolls increased by178,000 while the unemployment rate dropped to 4.6 per cent. Strong job growth in November and the very low unemployment rate likely mean the US Federal Reserve will go through with its much discussed rate hike in December.
Copyright British Columbia Real Estate Association. Reprinted with permission.