Author: Norud Al Malis
(Bloomberg) — The Canadian economy added 53,600 jobs in November, giving it a surprisingly strong third straight month of surprisingly strong job growth, while U.S. tariffs slowed economic activity.
Statistics Canada’s Labor Force Survey showed the unemployment rate fell to 6.5 per cent last month, the lowest level since July 2024 and down from 6.9 per cent in October.
Economists surveyed by Bloomberg expect employment to fall by 2,500 and the unemployment rate to rise to 7%.
Last month’s job growth was driven by part-time work as well as the private sector. Employment growth was driven by health care and social assistance, which added 46,000 jobs.
As of 8:35 a.m. in Ottawa, the Canadian government’s two-year bond yield surged about 7 basis points to 2.57%, and the Canadian dollar rose about 0.4% to C$1.3906 against the U.S. dollar, its highest intraday level since October 29.
The latest jobs data suggests the job market is holding up better than many expected when the U.S. first launched a trade war with Canada.
The economy added more than 180,000 jobs between September and November, the strongest three-month period for job growth since about a year ago. Job growth hasn’t just reversed summer job losses, either.
Although 2025 will be a relatively challenging year for young people in the job market, the November report showed that employment growth was mainly concentrated among those aged 15 to 24 years old. This has helped bring youth unemployment down to 12.8% after reaching a high of 14.7% this year.
Last week’s gross domestic product data also showed the economy was growing much faster than economists had forecast, with an annualized rate of 2.6% in the third quarter. However, the details behind the headline growth data reinforce the view that the economy is showing signs of weakness as U.S. tariffs destabilize strategic sectors – ending with domestic demand falling 0.1%, household consumption down 0.4% and business investment flat.
The Bank of Canada is widely expected to keep its key interest rate at 2.25% next week after Bank of Canada Governor Tiff Macklem said interest rates are likely to be at an “appropriate level” to support the economy and curb inflation.
Friday’s jobs report also showed that many Canadians feel less secure about their jobs. The survey shows that 73.6% of Canadian workers feel job security, a decrease of 4.1 percentage points from two years ago.
Workers in public administration experienced the largest declines in job security, which coincided with federal government efforts to cut jobs. Workers in industries that rely on U.S. demand for Canadian exports are also less likely to feel job security than workers in other industries.
Friday’s jobs report showed annual wage growth for long-term employees held steady at 4%, in line with economists’ expectations.
Total working hours in November increased by 0.4% month-on-month and 1.2% year-on-year.
By province, Alberta had the largest job gains last month, adding 29,000 jobs from October and 105,000 jobs from the same period last year.
–With assistance from Mario Baker Ramirez and Derek Decloet.
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Last modified: December 5, 2025
