THE unemployment rate in Canada continues to rise higher with Statistics Canada recently revealing the November labor force survey, recently.
According to Statistics Canada, the country’s unemployment rate rose up 0.1 percentage points to 5.8% in November.
This marks the continuation of an upward trend since April, as said by the national statistical agency.
Canada added 25,000 new jobs in November, which is nearly double than what analysts forecast.
However, the agency said this was not enough to offset the population growth that is also fuelled by record Immigration.
The employment increased in manufacturing, with 28,000 jobs, and construction, with 16,000 jobs.
It also saw the first increase since June in workers in the private sector, with additional 38,000 jobs, while the number of self-employed workers decreased by 25,000 jobs.
Meanwhile, Canada has seen a decline in wholesale and retail, finance, insurance, real estate, rental, and leasing.
According to Statistics Canada, individuals who lost their jobs in November were also likely to have been laid off from their previous job, and compared to a year earlier, it’s reflecting more difficult economic and labor market conditions in 2023 as said by the agency.
