Market Wire, North America

263,000 jobs were created in the United States last month, and the unemployment rate remained unchanged – suggesting that the labour market remains too tight for the Federal Reserve’s liking. According to data released by the Bureau of Labor Statistics this morning, the unemployment rate held at 3.7 percent in November, and the participation rate moved down to 62.1 percent from 62.3 in the prior month, indicating that fewer workers are coming off the sidelines. Average hourly earnings rose 0.6 percent month-over-month, accelerating from the pace set in October. Ahead of the release, investors were positioned for a 200,000-job gain,...

Canadian inflation stabilized last month, keeping monetary policy expectations largely unchanged. Data released by Statistics Canada this morning showed the Consumer Price Index rising 6.9 percent on a year-over-year basis in October, with the month-over-month change hitting 0.6 percent – narrowly missing consensus economic forecasts for a 0.7 percent gain. Gasoline prices leapt 9.2 percent higher month-over-month, partially reflecting a rebound in global oil benchmarks. Food price gains decelerated, but kept climbing, up 0.4 percent on the month, after rising 1.2 percent in September. Shelter costs renewed their ascent, up 0.8 percent month-over-month as higher interest rates took their toll....