- Bank of Canada
Canada's labour market lost 10,700 jobs in November, the first time in three months, with part-time and private-sector jobs accounting for most of the losses and pushing the unemployment rate slightly higher. Canadian employers took a step back from hiring, after creating 43,100 new jobs in October, Statistics Canada reported. Consequently, the jobless rate rose to 6.6% up from 6.5%, the lowest level since November 2008. On an annual basis, employment climbed 0.8%, while employment growth averaged out about 21,300 per month during the last six months.
In the meantime, Canada's trade surplus narrowed in October, driven by a record high increase in import of consumer goods and aircraft. Trade surplus in October shrank to $99 million from $307 million in September, Statistics Canada said, while analysts had projected a surplus of $200 million. October marked the sixth straight month Canada had posted a trade surplus. Imports rose 0.5% to a record $44.82 billion, partly due to higher shipments of consumer goods. Prices advanced by 0.7%, while volumes fell slightly 0.2%. Exports grew by 0.1% to $44.92 billion amid greater trade in industrial machinery, equipment and parts. Prices advanced by 1.6%, while volumes dropped by 1.5%.
© Dukascopy Bank SA