The unemployment rate in Canada declined slightly to 5.1 per cent in November, according to new data released by Statistics Canada Friday.
for the second time in three months, edging it closer to its record low of 4.9 per cent seen in June and July.
鈥淲age growth is showing no signs of slowing down,鈥 says Mahmoud Khairy, Canadian Chamber of Commerce economist. 鈥淭his will surely raise flags for the Bank of Canada as it looks to reel inflation in with aggressive hikes.鈥
Since March, the Bank of Canada has raised its policy rate six times to 3.75 per cent, to tackle inflation.The bank is widely expected to hike its rate again on Dec. 7.
Canada added just 10,000 new jobs in November, compared to the 108,000 jobs added in October.
鈥淓conomic growth is still widely expected to slow in the fourth quarter and into the first half of next year,鈥 says Khairy.鈥 As the cumulative impact of rising interest rates and the slowing global economy take a toll.鈥
Industries such as finance, real estate, insurance and manufacturing saw gains in employment. In contrast, jobs in construction fell by 25,000 and retail trade and wholesale saw a loss of 23,000 jobs.
The number of workers working full time increased by 51,000 this month and has grown by 460,000 year-over-year. Part-time employment remained the same in November, but is down by 91,000 jobs compared to last year.
Employment among women aged 25 to 54 reached 81.6 per cent, its highest level since Statistics Canada began collecting data in 1976.
From The Canadian Press:
Here are the jobless rates last month by province (numbers from the previous month in brackets):
Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the previous month in brackets):
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