OTTAWA The Canadian economy added a net 24,900 jobs in November, more than expected, while the jobless rate ticked up to 5.8%, Statistics Canada data showed on Friday.
Analysts polled by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to rise to 5.8% from 5.7% in October.
Growth in Canada's population has been outpacing employment growth, Statscan noted. The economy is now averaging a 28,000 monthly employment gain this year, while monthly population growth has averaged 80,800 over the same period.
November's employment gains were entirely in full-time work, which offset a decline in part-time positions.
The average hourly wage for permanent employees - a figure the Bank of Canada watches closely - rose 5.0% from November 2022, the same as the annual rise in October.
The jobs report is last major economic data to be released ahead of the next Bank of Canada (BoC) rate announcement on Wednesday, when the bank is expected to keep its key policy rate unchanged.
The central bank has remained on the sidelines since July after raising its benchmark interest rate to a 22-year high of 5% to tame inflation. Economic growth has stumbled and inflation has eased to 3.1%, according to latest data, and economists and money markets expect the BoC to start cutting rates in the first half of 2024.
Employment in goods sectors increased by a net 38,300 jobs, led by manufacturing. The construction sector also added jobs for the second consecutive month and the employment level in the sector is now within 15,000 of the peak reached in January, Statscan said.
Services sectors however lost a net 13,400 jobs, mostly in wholesale and retail trade and finance, insurance, real estate, rental and leasing.
(Reporting by Ismail Shakil in Ottawa and Dale Smith; Editing by Denny Thomas and Chizu Nomiyama)
