07:20 AM EST, 11/12/2024 (MT Newswires) -- After lagging for much of the past year, Canadian

private-sector job growth has picked up pace and is modestly outrunning United States hiring on a year-over-year basis, said Bank of Montreal (BMO).

This might indicate that Canada's economy is starting to shake off the effects of high interest rates, reflecting the

heightened sensitivity of households to rate changes and the Bank of Canada's three-month head start in easing over the Federal Reserve, noted BMO.

In fact, home sales appear to be recovering faster in Canada than in the US.

A less generous interpretation is that Canadian labor productivity might still be sagging, stated the bank. In this

case, a pop in employment and economic growth could prove fleeting as global competitiveness fades.