Unemployment rate rises to 5.8%, economy adds modest 25,000 jobs in November
Posted December 1, 2023 3:00 am.
Last Updated December 1, 2023 8:42 am.
Statistics Canada says the unemployment rate ticked up to 5.8 per cent last month as job creation continues to lag population growth in the country.
The federal agency released its November labour force survey today, showing the economy added a modest 25,000 jobs.
Manufacturing and construction saw the largest gains in employment, while the most jobs were shed in wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.
As labour market conditions weaken, the survey finds unemployed people last month were more likely to have been laid off compared with a year ago.
The softer job market conditions come as high interest rates weigh on economic growth and a ballooning population adds to the number of people looking for work.
Despite those trends, however, average hourly wages continued to grow quickly – rising 4.8 per cent from a year ago – as workers seek compensation for high inflation.
