The November jobs figures are the final major economic data release before the Bank of Canada makes its last interest rate decision of the year on Dec. 11.
A surprise jump in the unemployment rate in November drove the loonie lower on Friday and raised odds among markets and some big banks for a second consecutive oversizedThat brings the jobless rate 0.3 percentage points higher than in October and to its highest levels since January 2017, outside the COVID-19 pandemic years.
“It’s not easy for people to digest this report,” Orlando said. “Even us economists are scratching our heads, being like, ‘StatCan, what are you giving us here?'” He said there’s nothing in the November jobs report that changes the underlying trend, which is that Canada’s unemployment rate has been rising during this cycle largely thanks to population growth, not a pronounced slowdown in hiring or layoffs.What to know as Purolator, UPS freeze shipments amid Canada Post strikePeterborough city council votes to hike development charges for new homes by 48%
Markets nonetheless reacted strongly to the November jobs report, which came alongside the release of fresh employment data in the United States on Friday. After the November jobs figures showed a larger than expected jump in the unemployment rate, BMO chief economist Doug Porter said in a note to clients on Friday that the bank is now expecting a half-point cut next week.
CIBC and RBC, already in the 50-basis-point camp, maintained their calls after the November jobs figures.
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