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Canadian employment likely declined in November, jobless rate to have risen to 9 pct
Canada’s employment data for the month of November is set to release this week. According to a TD Economics research report, the labor market rebound is likely to have stumbled in the month with the loss of 25k jobs as the renewed surge in COVID infections and subsequent public health measures take their toll.
Job losses are likely to have been felt mainly throughout services, with accommodation/food services and recreational services being hit the most. Meanwhile, retail trade might have been dragged by seasonal adjustment ahead of the holiday season along with regional COVID measures.
Manitoba might have underperformed on a relative basis after locking down ahead of the reference week, and job losses might be even greater if the reference week did not preclude a return to lockdown in Toronto.
“A 25k decline would see the unemployment rate drift higher to 9.0 percent, while hours worked should continue to receive attention for insight into growth conditions for November”, added TD Economics.