However, Statistics Canada’s announcement – a “blowout report” in the words of TD economist Rishi Sondhi – pointed to an economy that remains resilient despite the Bank’s best efforts, with BMO’s Doug Porter describing it as a development that “[raises] serious doubts over the extent of any economic slowdown.”

Resolute jobs numbers could have a big impact on central banks’ future interest rate decisions, according to Avison Young chief economist Nick Axford (pictured top), who told Canadian Mortgage Professional that wage price growth remained a foremost concern for central bankers.

Read more: Canada sees huge October jobs surge

“Quite apart from the fact that [central banks] always hated having zero or near-zero interest rates anyway and have been desperate to try and get interest rates back into that 2-3% range where they feel much more comfortable, the longer-term battle they’re fighting is around preventing a wage price spiral – the kind of thing that we saw in the 1970s,” he said.

“Now, the world is a very different place to the 1970s, but at the same time in most parts of the world we’ve already seen increased wage expectations, increased wage costs, strikes and industrial action coming through, and we’ve seen medium-term inflation expectations starting to push up – and that’s what really concerns the banks.”