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Canadian Employment – Catches Analysts Flat-footed

December 10, 2012 in Canada

Canadian employment surprised on the upside, beating hollow analysts’ estimates.

Data for November showed that the country added 59,300 jobs, mostly in full time openings and predominantly in the private sector.

The unemployment rate declined to 7.2%.

The data comprehensively beat tepid forecasts of an addition of 10,000 jobs and a jobless rate of 7.4%.

The data also raised doubts about a slowdown in the Canadian economy, and led to speculation that its underlying fundamentals may be better than thought.