Canada net change in employment for November 2020
- Prior report
- net change in employment 62.1 K vs. 20.0 K estimate
- prior month
- full-time employment 99.4 K vs. 69.1 K last month
- part-time employment -37.4 K vs. 14.5 K last month
- unemployment rate 8.5% vs. 9.0% estimate. Last month 8.9%. The peak in May reached 13.7%
- hourly wage rate permanent workers 4.8% vs. 5.2% estimate. Last 5.2%
- participation rate 65.1% vs. 65.2% estimate. Last month 65.2%
- goods producing jobs increase by 44K with most of the increases in construction (+26K)
- for the 1st time since the recovery began in May employment and services producing jobs was little changed
- public-sector employees grew by 32k trimmed by hospitals, elementary and secondary schools
- employment growth rose by 0.3% followed by an increase of 0.5% in October. From May to September the employment grew at an average of 2.7% per month
- 4.6 million work from home
- total hours worked rose by 1.2% in November. Since May total hours worked has recovered steadily as the initial Covid 19 economic shut down has given way to more limited and targeted public health measures
- approximately 317 K who were unemployed in October exited the labor force in November. A total of 372K transition from unemployment to employment
- employment increase in 6 provinces, Ontario British Columbia and in all for Atlantic provinces
The data represents labor market conditions as of the week of November 8 to November 14
The report came in better than expected with net change in jobs, unemployment rate and the mix of full vs part time jobs favoring the full time job sector. That combined with the weaker US job report has the USDCAD moving to the downside and trading at the lowest level since September 2018.
