As expected, very few jobs were created in Canada last month, but more than what forecasters at RBC were anticipating.

The latest Statistics Canada jobs report says a modest 10,000 jobs were created in November, while the unemployment rate fell slightly to 5.1 percent from 5.2 percent in October.

The employment gains were in several industries including finance, insurance, real estate, rental and leasing, manufacturing and in information, culture and recreation.

Employment dipped in construction as well as wholesale and retail trade.

As for wages, they were up 5.6 percent compared with November of 2021, marking the sixth consecutive month of wage growth ABOVE five percent.

Bank of Canada Governor Tiff Macklem is indicating the employment picture will factor into next week’s interest rate decision.

“The labour market is very tight. That’s a symptom of an economy that can’t keep up, can’t produce all of the goods and services Canadians want to buy,” Macklem explained.

This is another reason why we’re likely to see another interest rate increase on Wednesday.