Unemployment drops again in Victoria, Statistics Canada


Unemployment drops again in Victoria, Statistics Canada

The rate went down provincially, as well, with B.C. reporting an unemployment rate of 4.8 per cent in November, one basis point below October's rate and the lowest mark among all provinces.

A low jobless rate is generally a good indicator of a healthy economy, said Dallas Gislason, economic development officer with the South Island Prosperity Project.

Canada's unemployment rate dropped right through the 6-per-cent level, registering 5.9 per cent, down from 6.3 per cent the month before.

Almost all of the net new jobs in November were in the private sector.

"Canadian growth was always poised to cool after a monster first half, and the 1.7 percent pace in Q3 won't surprise anyone", said CIBC Economics analyst Nick Exarhos.

Many, however, still expect Gov. Stephen Poloz to hold off before introducing another hike, although they say it's getting harder for him to do so.

Year over year, employment was up by 390,000 in Canada with all the gains attributable to full-time work. Quebec added 16,000 jobs, and its 5.4-per-cent unemployment rate is the lowest since on record; the province has never seen jobless rates this low in comparable data going back to 1976.

Exports fell while imports were flat, business investment weakened, and household outlays pulled back slightly from the previous quarter, said Statistics Canada.

The labour market added 441,400 full-time positions year-over-year for an increase of three per cent and its strongest 12-month period of full-time job creation in 18 years. At the same that it released November's labor force survey, Statistics Canada said the country's gross domestic product advanced in the third quarter 1.7% annualized, following a 4.3% gain in the second quarter.

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