Canadian Prime Minister Justin Trudeau mocked President Donald Trump on Tuesday at a NATO summit in London, saying that Trump’s team’s “jaws drop[ped] to the floor” after watching the president’s behavior.
On Friday, however, Trump got the last laugh after jobs reports were released for both countries that showed very different performance numbers to put it mildly.
CNBC noted the following highlights from the U.S. jobs report:
- Nonfarm payrolls surged by 266,000 in November, better than the 187,000 expected by economists polled by Dow Jones.
- The unemployment rate ticked down to 3.5% from 3.6%, back to the 2019 low and matching the lowest jobless rate since 1969.
- Average hourly earnings rose by 3.1% from a year ago, slightly above the 3% expected by economists polled by Dow Jones.
CNS News reported that the 158,593,000 Americans who were employed in November marked “the 24th record of Trump’s presidency” in terms of the overall number of Americans in the workforce.
“This is a ‘who would have thought moment?’” Becky Frankiewicz, president of staffing company ManpowerGroup’s North America division, told The Wall Street Journal. “No one would have ever guessed we could be sitting at 3.5% unemployment with 110 months of job gains.”
Trudeau’s economy took a very different turn than the U.S. economy did as it registered the biggest drop in employment in a decade.
“Canada’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and casting doubt on the resiliency of the domestic outlook,” The Financial Post reported. “The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month.”
“The report missed the median economist forecast for a gain of 10,000 jobs,” The Financial Post continued. “The unemployment rate increased to 5.9 per cent in the month, from 5.5 per cent in October, the biggest one-month jump since 2009. The decrease in employment was broad-based among both the goods-producing and service-producing sectors.”