Baystreet.ca - Canada’s unemployment rate rose to 6.8% in November, up from 6.5% in October, as the economy continues to slow.
Statistics Canada’s said that the unemployment rate is now at its highest levels since January 2017.
The economy added 51,000 jobs in November, with most employment gains in full-time work. However, the unemployment rate rose 0.3 percentage points as more people looked for work.
Employment rose in wholesale and retail trade (up 39,000), construction (up 18,000), and professional, scientific and technical services (up 17,000).
Those gains were partly offset by declines in manufacturing (down 29,000), transportation and warehousing (down 19,000), and natural resources (down 6,300).
Among provinces, employment increased the most in Alberta (up 24,000) and Quebec (up 22,000). It was little changed in the other provinces and territories.
Total (EPA:TTEF) hours worked were little changed across Canada in November but were up 1.9% from 12 months ago.
Average hourly wages among employees increased by 4.1% to $35.68 on a year-over-year basis in November, said Statistics Canada.
The Bank of Canada next decides on interest rates Dec. 11. Markets are currently pricing in a 25-basis point rate increase from the central bank at its last meeting of the year.