Canada‘s unemployment rate edged up 0.1 percentage points to 5.8 percent in November, continuing an upward trend observed since April, the national statistical agency said Friday.
The country eked out modest job gains, adding 25,000 net new jobs or +0.1 percent in the month — nearly double what analysts forecast — but it wasn’t enough to offset population growth fuelled by record immigration, the agency said.
Employment increased in manufacturing (+28,000) and construction (+16,000), while declines were recorded in wholesale and retail trade (-27,000) and finance, insurance, real estate, rental and leasing (-18,000).
Unemployment has affected all age groups, but was more pronounced among younger workers aged 15 to 24.
Those who lost jobs in November were also more likely to have been laid off from a previous job, compared to a year earlier, “reflecting more difficult economic and labour market conditions in 2023,” Statistics Canada said.
The month also saw the first increase since June in private sector workers (+38,000), while the number of self-employed workers decreased by 25,000, partly offsetting recent increases.
The number of public sector employees was little changed in November.
The total hours worked by Canadians fell slightly from the previous month while wages continued to rise, up almost five percent year-over-year.
Canada’s population in July topped 40 million, with international migration of more than 1.1 million people accounting for nearly all growth over the previous year.
