Canada job gains little changed, but wage increases pressure inflation

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Hiring was little changed in November, and the jobless rate dropped to 5.1 per cent, a possible sign that higher interest rates might be taking the steam out of the economy without severely hurting momentum.

Statistics Canada reported Dec. 2 that employers added 10,000 positions last month, less than the survey’s margin of error, making it difficult to say more than the labour market stood still.

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Average hourly wages increased 5.6 per cent from November 2021, the sixth consecutive month that pay gains topped five per cent, a sign of upward inflationary pressure that the Bank of Canada has said it will be watching closely.

More to come … 

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