Instant View: Canada reports bumper job gains, unemployment rate dips to 6.0%

Instant View: Canada reports bumper job gains, unemployment rate dips to 6.0%

© Reuters. FILE PHOTO: A sign advertising available jobs at the Clocktower Brew Pub hangs in a window in Ottawa, Ontario, Canada, November 9, 2017. REUTERS/Chris Wattie

TORONTO (Reuters) – The Canadian economy added a net 153,700 jobs in November, beating expectations, and the jobless rate slipped to 6.0% from 6.7% in October, Statistics Canada said on Friday.

Economists polled by Reuters had predicted a gain of 35,000 jobs in November and for the unemployment rate to fall to 6.6%. STORIES:

Market reaction: CAD/

Link:https://www150.statcan.gc.ca/n1/daily-quotidien/211203/dq211203a-eng.htm

COMMENTARY

DOUG PORTER, CHIEF ECONOMIST, BMO CAPITAL MARKETS

“It held the potential for a much bigger surprise than normal because there were a lot of moving parts here … But there was no uncertainty which side these data line up. Very strong virtually across the board as far as I can see.”

“If we didn’t have the variant bringing some uncertainty over the outlook, I think it would be almost all systems go for the Bank (of Canada) to start teeing up tightening reasonably early in 2022.”

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