Data released earlier today from the Canadian economy shows the addition of approximately 45,000 jobs in November, marking the third consecutive monthly increase after the addition of 66,000 jobs in October. This figure defied expectations, which had predicted a decline of around 1,500 jobs, driven by a strong increase in part-time employment opportunities. Meanwhile, the unemployment rate fell to 6.5% from 6.9% in October (the forecast was 7%).

Specifically, employment increased in several sectors, led by the healthcare and social assistance sector, which added 46,000 jobs. The natural resources sector added 11,000 jobs, and the accommodation and food services sector added 14,000 jobs. Employment declined in the wholesale and retail trade sector by 34,000 jobs, and in transportation and warehousing by 30,000 jobs.

November’s employment was supported by a 1.6% increase in part-time employment, adding 63,000 jobs. Over the past three months, this brings the total increase to 103,000 jobs, at a rate of 2.7%.