Canada's unemployment rate rose to 5.8 percent in November: Statistics Canada

By: 600011 On: Dec 2, 2023, 11:10 AM

According to Statistics Canada, the Canadian unemployment rate increased to 5.8 percent in November. The economy added 25,000 jobs, according to the study. Manufacturing and construction enjoyed the greatest job growth. Meanwhile, most job losses happened in wholesale and retail commerce, as well as banking, insurance, real estate, and renting. A Statistics Canada analysis also indicated that the unemployed were more likely to be laid off last month than a year ago, indicating a worsening labor market. According to the report, labor market conditions have altered as rising interest rates stifle economic growth and more individuals look for jobs.