Hiring in Canada unexpectedly surged in November, sending the unemployment rate tumbling to a more than nine-year low as there were more people working in the trade and manufacturing sectors, data from Statistics Canada showed on Friday.
The 79,500 increase in hiring last month was well above economists’ forecasts for a gain of 10,000 jobs, and was the biggest gain since April 2012.
The unemployment rate dropped to 5.9 percent, its lowest since February 2008, while the participation rate remained unchanged at 65.7 percent. Average hourly wages also continued to accelerate, rising 2.7 percent from last year in the best performance since April 2016.
Part-time employment led November’s job gains with a 49,900 increase, while full-time work increased by 29,600. The Canadian labor market has been on a tear for over a year and has added 390,000 jobs since last November, driven by full-time employment.
Manufacturing saw the biggest increase in the goods-producing sector last month, adding 30,400 jobs, while in the services sector, the wholesale and retail trade industry created 38,800 jobs.