Published: Sun, December 09, 2018
Markets | By Otis Pena

Unemployment rate dropped to 5% in Barrie in November

Unemployment rate dropped to 5% in Barrie in November

It's the largest increase since March of 2012.

As for the highest level of cannabis-related employment, that would be in Ontario, where there are an estimated 5,700 jobs, representing more than half of the national total.

Employment rose by 94,000 in November, decreasing the unemployment rate from 5.8% to 5.6%, which is the lowest point since comparable data became available in 1976.

That compares to 4.1 per cent in October and 5.4 per cent at this time previous year.

The improvements, however, obscured a key piece of data: weakening wage growth.

And Barrie's unemployment rate has climbed 1.6 per cent since November 2017. If wages are decelerating, this is going to be the sixth consecutive month that we see wage growth slow. But the opposite has been happening - wage growth has dropped every month since its May peak of 3.9 per cent and now sits well below inflation. On Wednesday, the central bank held its benchmark rate at 1.75 per cent, but in explaining its decision it highlighted other economic negatives such as weaker-than-expected business investment and the sharp drop in oil prices.

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The bank's next rate announcement will be January 9. While not the biggest drop, it is by far the lowest unemployment rate of Alberta's regions.

"If we're seeing wage growth that can't even keep up with the pace of inflation, it makes it much more hard for households to absorb the Bank of Canada's desire to lift rates higher from this point forward".

Employment in the province has gone by up by 42,500 jobs in the past year, Ralston said.

The November unemployment report showed that the manufacturing sector added 26 900 jobs in connection noticeable increase in construction 14800 positions.

While it lead the country in job gains, British Columbia's unemployment rate ticked up 0.3 percentage points to 4.4% in November even with employment increasing by 0.6%. The addition of 227,400 full-time positions offset a small decrease in part-time work.

The November employment growth was caused by the addition 89900 positions.

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