Unemployment rate rises to 5.8% in November as job market continues to cave. Canada's unemployment rate continues to trend higher as the Bank of Canada's steep interest rate hikes weigh down the economy leaves workers with fewer options in the job market. Statistics Canada released its November labour force survey on Friday, which showed the jobless rate rose to 5.8 per cent. The economy added a modest 25,000 jobs, slightly surpassing forecasters' expectations, but trailing behind the pace of population growth. Coupled with Thursday's weak GDP numbers, the job report reinforces economists' belief that the Bank of Canada will continue to hold its key interest rate steady at its decision meeting next week. 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. The unemployment rate was 5.7 per cent in October. After the labour market experienced a strong bounceback from the pandemic, the unemployment rate has been on an upward trend since April as the Canadian economy shows clearer signs of weakness. Real gross domestic product — which measures the size of the economy — has been struggling to consistently grow over the last year. The most recent GDP report showed the economy shrank 1.1 per cent on an annualized basis in the third quarter. Source: BNN Bloomberg #finance #insurance #investing #ldnont #jobs https://lnkd.in/g8_9GHB3
