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Canada added 59,300 jobs in November

OTTAWA—Canada’s job market bounced back in full force in November after meek gains in October to create the most jobs in eight months, according to upbeat data that offered hope of stronger economic growth in the fourth quarter.

The economy added 59,300 net new jobs in the month, mostly full-time positions and in the private sector, Statistics Canada said on Friday in its Labour Force Survey. The jobless rate fell to 7.2 per cent, the lowest level since March, from 7.4 per cent.

Market operators surveyed by Reuters had forecast, on average, 10,000 new jobs in November and a steady 7.4 per cent jobless rate.

The average monthly employment gains were 20,700 over the past six months, a time frame that reflects a more realistic trend as monthly figures tend to be erratic.

The hiring was concentrated in the services sector, which created 65,700 new positions and was led by accommodation and food services, retail and wholesale trade, and professional, scientific and technical services.

The goods-producing sector lost 6,200 jobs, with the number of workers in manufacturing declining by 19,600.

Year-over-year wage growth fell sharply to 2.2 per cent in November from 3.9 per cent in October, based on the average hourly wage of permanent employees.

The economy created only 1,800 jobs in October and a hefty 52,100 in September, although secondary data for that month showed a decline in non-farm payrolls. – Business