The Daily Chase: Canadian jobs growth crushes estimates; BMO makes it six-for-six
BNN Bloomberg
Canada's employers trounced hiring expectations last month. Almost 154,000 jobs were created in november. That's four-times what economists expected.
Canada's employers trounced hiring expectations last month. Almost 154,000 jobs were created in november. That's four-times what economists expected. And the unemployment rate sank to 6% -- putting it near pre-pandemic levels. Meanwhile, hours worked hit the highest level since before COVID-19 overwhelmed the economy last year. And in the U.S., it's a different story as non-farm payrolls rose by 210,000 positions, less than half the median estimate of 550,000.
BMO HIKES DIVIDEND, PLANS BUYBACK
The Big Six have gone six-for-six in dishing out dividend hikes and share buybacks as BMO today announced a 25% boost to its quarterly payment to shareholders and said it’s planning to repurchase up to 22.5 million shares. It also reported profit that beat expectations, with year-over-year growth in all of its divisions (with some notable loan growth in Canada). Paul is going through all the details that matter and will tie a bow on Big Six earnings coverage throughout the day.
Should point out the banks (ex-CIBC) finally got some love from investors yesterday and were big contributors to the S&P/TSX Composite Index’s largest single-day gain since Apr. 1.
TORONTO HOUSING BREAKING RECORDS, AGAIN
The average price for homes sold in Canada's largest housing market climbed to $1,163,323 last month, marking another all-time high for the Greater Toronto Area. Sales inched up year-over-year (though were down from October) as inventory collapsed: active listings at the end of the month were 55.9 per cent below year-ago levels. And it looks like buyers are flocking to condos, as sales in that category jumped 41.6 per cent year-over-year. All of this has the local real estate board calling on governments to take "coordinated action" on supply, and give up on "short term Band-Aid policies.” We’ll speak with the real estate board’s chief market analyst shortly after 8 a.m.
