Canada's unemployment rate drops to 5.6%, and cannabis helped
Canada's unemployment rate dropped to 5.6 per cent in November, the lowest rate in comparable records going back to 1976, Statistics Canada said.
The country added 94,000 jobs in the month, an unusually strong showing and well above economists' expectations. The gains were led by increases in full-time work, StatCan noted.
And the numbers got a notable boost from Canada's rapidly-growing cannabis sector.
The number of people directly employed in non-medical cannabis was 10,400, on average, over the past three months, Statistics Canada said, up 266 per cent from a year earlier.
While the total number of people directly employed in non-medical cannabis is relatively small, the industry's expansion "clearly boosted total employment across various industries,"
BMO senior economist Robert Kavcic wrote in a client note.
More than half of cannabis jobs (58 per cent) were in agriculture, while others were in retail, educational services and health care, Statistics Canada said.