The unemployment rate improved to 6.5% in November, beating estimates for a rise to 7%…

… thanks to 63K part-time adds, which carried last month’s print too - more than offsetting two months of full-time losses.

Results were mixed at the industry level, with nearly 50K health care adds offsetting weakness in retail trade and manufacturing…

… which we highlighted as likely following the Ivey PMI print. Regardless, the labour market is showing some signs of life and with vacancies starting to recover…

… we might be finding the floor.