CORRECTED-WRAPUP 1-Canada jobs surge surprise offers hope for 4th quarter

Fri Dec 7, 2012 1:50pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Corrects 3rd paragraph and bullet to say the jobless rate is the lowest since June, not March)

* Economy adds 59,300 net new jobs vs forecast of 10,000 gain

* Jobless rate drops to 7.2 percent, lowest since June

* Analysts say report unequivocally strong

* Labor productivity declines 0.5 percent in 3rd quarter

* Bank of Canada not ready to raise rates yet

By Louise Egan

OTTAWA, Dec 7 (Reuters) - Canada's economy churned out far more jobs than expected in November in a surprising comeback at a time of sluggish growth, offering hope of stronger fourth quarter economic showing.

However, Statistics Canada's report on Friday was accompanied by a negative report on the labor productivity of Canadian businesses, which fell 0.5 percent in the third quarter, in contrast to a 0.6 percent rise in U.S. productivity.   Continued...