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As more people sought employment in a dismal labour market, Canada’s unemployment rate surged to 6.8% in November, 2014, raising anticipation for a big interest rate cut next week.
Data According to the November labour force survey, Canada’s unemployment rate hit its highest level since January 2017—aside from the COVID-19 epidemic. In October, the unemployment rate was 6.5%.
51,000 new jobs were created by the economy in November, mostly in the public sector and full-time employment.
Last month, there was a 0.3 percentage point increase in the labour force participation rate, which measures the percentage of working-age individuals who are either employed or seeking employment.
That rise explains why, despite the economy creating more jobs, the unemployment rate increased.
