A low jobless rate is generally a good indicator of a healthy economy, said Dallas Gislason, economic development officer with the South Island Prosperity Project.
The increase also marked Canada's 12th straight month of positive job creation as the country posted its best 12-month performance in 10 years. While Statistics Canada's month-to-month labour force survey data tends to be volatile, the agency said the country had added 390,000 jobs over the 12 months through November, up 2.1 per cent, entirely attributable to 441,400 new full-time jobs.
Nationally, Statistics Canada reported 79,500 jobs were created last month, leading to a drop down to 5.9 per cent, its lowest level since February 2008.
The rate went down provincially, as well, with B.C. reporting an unemployment rate of 4.8 per cent in November, one basis point below October's rate and the lowest mark among all provinces.
According to Statistics Canada, the London-St. And all of the net gain was in full-time positions.
BC Stats has yet to release a detailed, sector by sector analysis of provincial job numbers for November.
The Bank of Canada raised rates twice earlier this year, but it has now embraced a cautious approach until it gets a firmer grip on how indebted households respond to higher rates.
Analysts expect the labour market's surprising surge, which blew past economists' expectations, to catch the Bank of Canada's attention ahead of next week's scheduled interest-rate announcement. In its most recent decision in October, the central bank said there was still "some excess capacity" in the labor market, with a particular focus given to modest wage gains.
Compared with the year before, average hourly wages for permanent employees grew 2.7 per cent for the biggest increase since April 2016. "There is none left", after reviewing the details of the November report.