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Canada’s Jobless Rate Rises to 6.8% Despite December Hiring

          A employee sorts batteries on a conveyor belt at a recycling facility in Port Colborne, Ontario. Canada’s unemployment rate climbed to 6.8% in December , even though the economy added 8,200 jobs during the month. The increase in unemployment wasn’t driven by widespread layoffs but by a surge in the number of people entering the labour force and actively looking for work. December Highlights Unemployment rate: Up from 6.5% to 6.8% Employment: Net gain of 8,200 jobs Labour force: Expanded significantly, outpacing job creation Full-time work: Increased Part-time work: Declined Why the Rate Rose Economists point out that the rise in unemployment reflects renewed labour market participation , not a weakening economy. More Canadians felt confident enough to start job hunting, but hiring didn’t keep pace with the influx of job seekers. This marks the fourth straight month of employment growth , yet December also saw the largest increas...
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TSX gains on rate cut hopes despite high inflation`

 


Canada’s main stock index, the Toronto Stock Exchange’s S&P/TSX composite index, rose by 0.75% to 20,777.19 on Tuesday despite a sticky domestic inflation reading.

The materials sector, which houses Canada’s major mining firms, gained 1.3% with copper miners amongst the top gainers on the benchmark index as prices of the red metal rose. Consumer staple was amongst the leading sectors, rising 1.2%, while utilities advanced 0.8%.

San Francisco Fed President Mary Daly said cuts to the U.S. central bank’s benchmark rate are likely to be appropriate next year, the Wall Street Journal reported. Fed Atlanta President Raphael Bostic and Fed Chicago President Austan Goolsbee are also scheduled to speak later in the day.

Meanwhile, the loonie strengthened 0.5% against the dollar after data showed Canada’s annual inflation rate unexpectedly remained at 3.1% in November. The renewed acceleration in core inflation pressures in November was partly due to a jump in travel tour prices, which is likely to be reversed in December.

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