Canada’s unemployment fee jumped to six.8 per cent final month as extra folks seemed for work in a weakening job market.
The jobless fee final month was the very best since January 2017, outdoors of the COVID-19 pandemic, in line with Statistics Canada’s November labour power survey.
The unemployment fee was 6.5 per cent in October.
In the meantime, the economic system added 51,000 jobs in November, with employment positive aspects concentrated in full-time work.
The labour power participation fee, which displays the proportion of working-age people who find themselves employed or searching for work, rose by 0.3 share factors final month.
The Financial institution of Canada can have its eye on Friday’s job report because it gears up for its rate of interest announcement on Wednesday.
Extra fee cuts anticipated
Forecasters are broadly anticipating the central financial institution to ship one other rate of interest lower, although there hasn’t been consensus on the dimensions of that discount.
Excessive rates of interest have cooled the labour market considerably over the past yr.
For unemployed Canadians, that is meant longer intervals with out work.
The job report says 46.3 per cent of unemployed Canadians in November had not labored within the final yr or had by no means labored, up from 39.5 per cent a yr in the past.
Common hourly wages had been up 4.1 per cent from a yr in the past, marking a slowdown in annual wage development from October.
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