Canada's unemployment rate drops slightly to 5.1% in November, labour market still hot
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Canada's labour market has remained remarkably strong despite signs of an economic slowdown. The unemployment rate fell to a record-low of 4.9 per cent in the summer and has edged up only slightly since then. “We had several months of very weak reports through the summer and early autumn, then we had a gangbusters report in October. And now we're kind of back to a treading water kind of report,” he said.In November, wages were up 5.6 per cent compared to a year ago, marking the sixth consecutive month of above 5.0 per cent growth. In October, the annual inflation rate was 6.9 per cent.
The central bank is hoping to see the labour market ease in response to its aggressive interest rate hikes this year. As the Bank of Canada nears the end of the rate hiking cycle, markets will be watching out for any indication next week on whether to expect another rate hike in January.
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