Unemployment Hits a Record Low of 3.8% in Quebec and Falls to 5.5% in Ontario

Quebec’s unemployment rate fell from 4.1% to 3.8% in November, breaking the previous record of 3.9% set in April. In Ontario, the unemployment rate shed 0.4 percentage points to stand at 5.5%, still above June’s record low of 5.1%. This morning’s Statistics Canada release came as a bombshell, with economic indicators for Quebec pointing to a sharp slowdown since summer. Still, the employment figures are the first ones published for November. They could indicate a fourth‑quarter rebound for the Quebec economy. They could also be a sign of tightness in the labour market, particularly in terms of wages. This morning’s release makes it hard to predict where employment numbers are going to go. In all likelihood, we can expect an uneven next few months for the labour market.