Canada seems to be experiencing a “Santa Claus” rally in its most recent, very positive jobs report. Our partners at National Bank Financial offer a very merry review of the November jobs report. All expectations were meet or exceeded with job gains in the private sector (+79K), but also in government (+8K) and for self-employeds (+7K).
Does the solid November jobs report guarantee a January 2018 rate hike by the Bank of Canada?
Not necessarily. Our partners at NBF offer this outlook: “If recent history is any guide the oil price plunge will, with a lag, hit employment in Alberta, which so far this year has seen the fastest employment growth among large provinces (right chart). In other words, unless oil prices pick up significantly, one can expect a moderation in overall Canadian employment growth in 2019.”
Learn More: https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-jobs.pdf