Canada’s unemployment rate has jumped to its highest level in a year and a half in November as the economy lost 71,000 jobs.
According to details, the Canadian November labour market posted its biggest monthly job loss and largest unemployment upswing since the financial crisis.
According to Statistics Canada, the economy shed 71,000 jobs in November, while the jobless rate jumped to 5.9%, up from 5.5% in October.
Economists on average had expected a gain of 10,000 jobs and the unemployment rate to hold steady at 5.5 per cent, according to financial markets data firm Refinitiv.
The loss came as a surprise to analysts, who were expecting moderate job growth for November.
Instead, the data showed job losses spread across industries and job types, with both full-time and part-time positions axed.
That came as a surprise to analysts, who had largely been expecting moderate job growth for November.
Mendes said the Bank of Canada would likely “re-think” its reluctance to lower interest rates if this became a trend.
Quebec saw employment drop by 45,000, with losses concentrated in manufacturing, accommodation and food services.
Alberta and British Columbia lost 18,000 jobs each, with losses concentrated in retail and wholesale in Alberta, and spread across a number of industries in B.C.
Ontario was the only province to see significant job growth, up 15,000 net positions on the month.
Canada’s job market continues to look strong, having added 293,000 net new jobs over the past 12 months, most of them full-time roles. That’s an increase of 1.6 per cent.