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Canada’s Job Market Gains Momentum as Unemployment Drops to 6.5%

  I n October, Canada gained 66,600 jobs and the unemployment rate dropped 0.2 percentage points to 6.9 per cent.  Canada’s labour market showed renewed strength in November , with the unemployment rate falling to 6.5% as the economy added 53,000 jobs . This marks a positive shift after months of slower employment growth, suggesting resilience despite global economic uncertainties. Key Highlights: Unemployment Rate: Down to 6.5%, the lowest in several months. Job Creation: 53,000 new positions added, driven largely by full-time employment. Sector Growth: Gains were seen in professional services, healthcare, and construction, reflecting strong demand across diverse industries. Regional Trends: Ontario and British Columbia led the way in job creation, while some provinces experienced more modest growth. Economic Context: Analysts note that the increase in employment could ease concerns about consumer spending and economic slowdown. However, wage pressures and infla...
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Canada Posts $1 Billion Trade Deficit in April

 

Canada recorded a merchandise trade deficit of $1.0 billion in April, according to Statistics Canada. This result follows a revised deficit of $2.0 billion for March, which was initially reported as $2.3 billion.

Here are the key points:

  • Exports:
    • Total exports in April increased by 2.6% to $64.4 billion.
    • Exports of energy products rose by 2.7%, with natural gas exports surging by 60.1%.
    • Crude oil exports also gained 3.0%.
    • Metal and non-metallic mineral products exports rose by 4.7%, driven by unwrought gold, silver, and platinum group metals.
  • Imports:
    • Total imports rose by 1.1% to $65.5 billion in April.
    • Imports of motor vehicles and parts increased by 4.2%.
    • Imports of aircraft and other transportation equipment and parts surged by 23.7%, including the delivery of several ships.
  • Trade in Services:
    • Canada’s monthly international trade in services deficit increased to $1.1 billion in April.
    • Imports of services rose by 1.1% to $18.0 billion, while exports of services remained essentially unchanged at $16.9 billion.
  • Combined Trade Deficit:
    • When goods and services are combined, Canada’s total trade deficit with the world was $2.2 billion in April, compared to $2.9 billion in March.

Economists expect further export gains due to higher oil pipeline capacity and one-off events in the auto sector, while imports may decline due to weak domestic demand and elevated inventory levels.


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