Arab Canada News
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Published: December 1, 2023
The Canadian economy added 25,000 new jobs in November, according to the Canadian federal statistics agency on Friday.
Despite the slight increase in jobs, the unemployment rate rose to 5.8%, and there were also more people looking for work.
The unemployment rate in Canada has increased by 0.8 percentage points since April, despite the economy creating more job opportunities.
The number of jobs created in November was slightly higher than economists expected.
The Canadian economy also added nearly 60,000 full-time jobs during the month. However, this increase was slightly offset by a loss of more than 34,000 part-time jobs.
Analyzing the sectors, manufacturing added 28,000 jobs and construction 16,000 jobs. On the other side of the scale, wholesale and retail trade lost 27,000 jobs, while the finance, insurance, real estate, and rental sector lost 18,000 jobs.
For his part, Royce Mendez, an economist at Desjardins, described the increase in employment as "moderate!", especially in light of some underlying factors.
"The population grew [...] by 78,000 people and the active population by 36,000, so labor demand did not keep up with supply."
In Quebec, the unemployment rate was 5.2% in November, while the rate in neighboring Ontario was 6.1%. In Western Canada, British Columbia recorded an unemployment rate of 5.3% and Alberta 5.9%.
The Atlantic region, as often is the case, experiences the highest unemployment rates in the country, with 10% in Newfoundland and Labrador and 8.1% in Prince Edward Island. However, the territory of Nunavut recorded the highest unemployment rate in Canada, at 11%, according to the federal agency.
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