💰 Canada's November jobless rate edges down ahead of rate decision

TL;DR

The November report follows a monster gain of 108,300 jobs in October and comes just days ahead of a Bank of Canada policy-setting meeting on Wednesday."As a result of the only modest gain in headline employment and the absence of any signs of accelerating wage growth, we continue to expect the Bank of Canada to hike rates just 25 basis points next week," said Royce Mendes, director and head of macro strategy at Desjardins.Doug Porter, chief economist at BMO Capital Markets, called the data "unsurprising" but said it shows that "the labor market remains tight and in solid shape overall" and expects a 50-basis-point rate increase on Wednesday.The Canadian dollar weakened 0.2% to 1.3455 per greenback, or 74.32 U.S. cents, with investors also weighing U.S. jobs data that could complicate the Federal Reserve's intention to start slowing the pace of tightening this month.The small jobs gain was entirely for full-time work and mostly in the services sector, while the participation rate edged down to 64.8% from 64.9% in October."

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