Canada's Unemployment Rate Rises to 6.7 Percent in October
Canada's unemployment rate climbed to 6.7 percent in October, up from 6.5 percent in September, government data shows. The increase was largely fuelled by 33,000 additional people actively seeking work, according to the latest Statistics Canada Labour Force Survey. “This marked a second consecutive monthly increase in the unemployment rate,” StatCan said. “The unemployment rate [...]
TL;DR
- Canada's unemployment rate rose to 6.7% in October, up from 6.5% in September.
- An increase of 33,000 individuals actively seeking work contributed to the rise.
- This is the second consecutive monthly increase in the unemployment rate.
- The economy lost a net 4,700 jobs in October, defying economists' predictions of job gains.
- The labor market has weakened recently, with 110,000 jobs lost in August and September combined.