Trump jobs boom rolls on: Economy added 266,000 new jobs in November

Employees at a board meeting. GETTY IMAGES  Hero Images

Employees at a board meeting. GETTY IMAGES Hero Images

Both those sectors have very low rates of unemployment for job seekers who most recently worked in those fields.

The London area's economy kept surging in November, adding 5,500 new jobs and bringing the region's unemployment rate back below six per cent.

The jobs growth was the best since January's 312,000 and well clear of the November 2018 total of 196,000.

Nationally, some of the hardest hit sectors are manufacturing (-27,500 jobs), public administration (-24,000 jobs), accommodation and food services (-11,000 jobs), information, culture and recreation (-8,300 jobs), the natural resource sector (-6,500 jobs) and transportation/warehousing (-5,600 jobs).

HORSLEY: Hundreds of thousands of new workers joined the labor force in October, for example. This number should decline again in 2019 because, under the Trump Administration, the number of people claiming unemployment insurance as a share of the population is the lowest on record since the data began in 1967. The number of full-time jobs fell by 38,400, while part-time employment fell 32,800.

Alberta and British Columbia lost 18,000 jobs each, with losses concentrated in retail and wholesale in Alberta, and spread across a number of industries in B.C.

Meanwhile, the dip in the jobless rate came with a drop in labor force as people left the job hunt or retired.

Saskatchewan's unemployment went up from 5.1 to 5.8 per cent, based on Statistics Canada's monthly job data. Bunker says that means the job market may not be quite so tight as the rock-bottom unemployment rate would indicate.

In addition to the strong November numbers, the Labor Department also revised its jobs growth estimates for the last two months higher as well. "We are anticipating (the labour force) to improve in 2020".

November's United States jobs gains also lend credence to recent moves by the U.S. central bank, the Federal Reserve.

Canada's goods-producing industries saw a decline of 26,600 net jobs, largely on manufacturing. Future moves, it said, would depend on its assessment of the damage done by trade conflicts against sources of economic resiliency. "We are now at a new post-Great Recession high in manufacturing jobs", the Heritage Foundation said in an emailed statement.

"No question today's jobs report is strong, but is it strong enough for people to change their views about the economy?" said Marc Chandler, chief market strategist at Bannockburn Global Forex in NY. It also affirms the central bank's decision to press pause on further interest rate cuts this year.

"Canada's November jobs numbers were weak across their details and cast fresh doubt on the Bank of Canada's room to chart its own course", Brett House, deputy chief economist at Scotiabank in Toronto, wrote in a note to clients. Numerous losses in public administration, analysts said, followed the end of October's national election.

Latest News