Canadian job growth surges in November

Canadian job growth surged in November, surpassing market expectations by a wide margin, as gains in full-time hiring helped push the unemployment rate to its lowest level in more than 40 years.

The Canadian economy added a net 94,100 jobs in November on a seasonally adjusted basis, Statistics Canada said Friday. Market expectations were for an increase in employment of 10,000, according to economists at Royal Bank of Canada. In the previous month, Canadian employment rose 11,200.

Canada’s jobless rate dropped to 5.6% in November, down from 5.8% in the previous month and the lowest level since comparable data became available in 1976. Market expectations were for the jobless rate to remain at 5.8%.

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