Unemployment rate edged lower in Montreal in November

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Nationally, the economy created 79,500 net new jobs which resulted in a drop in the unemployment rate to 5.9% from 6.3% in October.

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 slowdown marks the end of a rally for the Canadian economy that had, until now, lead its peers in the Group of Seven industrialized nations (G7).

The labour participation rate continues to be a problem for London.

Many, however, still expect Gov. Stephen Poloz to hold off before introducing another hike, although they say it's getting harder for him to do so. Canada added 80,000 jobs in November and much of the job growth was seen in the private sector.

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Compared with the year before, average hourly wages for permanent employees grew 2.7 per cent for the biggest increase since April 2016. "If anything, today's blockbuster employment report raises the risk of an earlier move".

November's unemployment rate was the lowest November unemployment rate since comparable statistics started being recorded in 2001.

In fact, the number of full-time jobs has increased by an even larger number - 441,000 in the past year, StatsCan said, for the strongest pace in 18 years. Another 2,100 were unemployed last month, according to Statistic Canada's labour force survey.

It was also the first time since the beginning of 2013 that housing investment (real estate) fell for two consecutive quarters. The data found the compensation of employees increased 1.3 per cent in nominal terms for its strongest quarterly growth in three years.