Overview
- Statistics Canada reported a net gain of 53,600 jobs in November, taking unemployment down to 6.5%, the lowest since July 2024.
- The report surprised forecasts that called for a 5,000 job decline and a rise in the jobless rate to 7%.
- Gains were powered by 63,000 additions in part-time roles concentrated in healthcare and social assistance.
- Youth employment rose by 50,000, pushing the youth unemployment rate down to 12.8%.
- A smaller labor force linked to recent immigration curbs also contributed to the drop in the unemployment rate.