The Canadian economy continues to show resilience even in the face of U.S. tariffs designed to put us in a vulnerable position.
The latest data from StatsCanada shows 54,000 jobs were added in November, while the unemployment rate dropped significantly from 6.9% to 6.5%. The gains were driven by young people, with an increase of 50,000 jobs for individuals between the ages of 15-24. Alberta led the way with an increase of 29,000 jobs.
In a positive sign, job growth was concentrated in the private sector, with 52,000 new private sector jobs created last month. Not all the news is positive, however, with job gains also concentrated in part-time rather than full-time work, and 17.9% of part-time workers working “involuntarily,” AKA due to economic/business conditions and lack of available full-time work.
The overall picture is of a Canadian economy that retains significant resilience and some dynamism, yet is also precarious for many. With the budget having recently passed, it remains to be seen if the investment in rearmament and investment incentives can continue to build on current positive momentum.
Spencer Fernando
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