“Employment rose a massive 80K in November according to the Labour Force Survey, a gain that led to a four- tick drop of the unemployment rate to 5.9%. The participation rate remained unchanged at 65.7%. Job gains in November were concentrated in the private sector which added no less than 72,000 jobs, the largest monthly increase in 3 years.” Our partners at National Bank of Canada (NBC) Economics group clearly state the significance of the strong labour market and the expectation for a revised GDP estimates.The stronger-than-expected Q3 GDP and solid labour market could have the Bank of Canada reconsider its dovish stance (towards interest rates) sooner rather than later.
Economic Expectations for 2018
The economic news in North America continues to be strong. Both Canada and the U.S. are on a strong track. One benefactor of the tightening job market is the first signs of wage increases since 2008. Read more details of the economic expectations for 2018 from NBC here