OTTAWA – Canada’s unemployment rate ticked up to 5.8 per cent last month, as high interest rates weigh on job creation at a time when the country’s population is growing rapidly.
Statistics Canada released its November labour force survey Friday, showing the economy added a modest 25,000 jobs.
Manufacturing and construction saw the largest gains in employment, while the most jobs were shed in wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.
The unemployment rate was 5.7 per cent in October.
After the labour market experienced a strong bounce back from the pandemic, the unemployment rate has been on an upward trend since April as the Canadian economy shows clearer signs of weakness.
Real gross domestic product – which measures the size of the economy – has been struggling to consistently grow over the last year….