Surging London economy added 5,500 new jobs last month: Statistics Canada

Surging London economy added 5,500 new jobs last month: Statistics Canada

Surging London economy added 5,500 new jobs last month: Statistics Canada

Over the past year, the number of employed Canadians has risen by 1.6 per cent, which marks a considerable slowing of job growth after a series of blowout gains earlier this year.

Employers have been adding jobs at a solid enough pace to absorb new job seekers and to potentially lower the unemployment rate, though the pace of job growth is still down from last year's rate.

She noted the region has seen some weakness in employment levels this year with roughly 14,000 jobs gone when comparing January to November.

Employers have added 176,000 jobs, on average, in the past three months.

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Those numbers come at a time when Alberta-based energy companies continue to axe jobs despite benefiting from UCP government corporate tax breaks.

"We know year-over-year we're up another 15 per cent ... every year is higher and we haven't even seen a plateau", she said. "I don't know that we're ready to call it that this is the end for Quebec's outperformance to the Canadian economy as a whole". "Broadly speaking with the labour market in Edmonton, that caution is more of a reflection of what we've seen so far".

StatsCan reported that Canada lost 71,200 jobs last month and the unemployment rate rose four-tenths of a percentage point to 5.9 per cent. That's quite a big decline in any given month. But job growth is expected to decline when unemployment is a record lows and available employees become scarce. Average hourly earnings for production and non-supervisory workers increased 0.3% and were up 3.7% on a year-on-year basis in November.

The StastCan report cited joblessness among men aged 25 to 54 was up for the second straight month, while those numbers for women aged 55 and over were also up.

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Job losses in Calgary, she noted, are coming in a wide variety of sectors including retail, wholesale, energy and the public sector.

Meanwhile, Nova Scotia's unemployment rate stood at 7.8 per cent, followed by eight per cent in Prince Edward Island and 11.2 per cent in Newfoundland and Labrador. Overall, sales remain almost a percentage below 2018 levels and 11 per cent below long-term averages.

Kudlow, President Donald Trump's chief economic policy adviser, also said USA and Chinese negotiators are close to a trade deal that would end a conflict that's been running for more than a year.

"This is impacting resale demand, with sales activity setting into lower levels since 2014".

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The Bank of Canada on Wednesday held its overnight interest rate steady, which it has done since October 2018 even as several of its counterparts have eased.

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