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Canada’s unemployment rate inches up to 5.8%

By Brad Perry Dec 1, 2023 | 12:22 PM

Population growth continues to outpace employment growth, according to Statistics Canada.

Employment grew by 25,000 in November as the unemployment rate ticked up to 5.8 per cent.

StatCan said it was the second consecutive month that employment was little changed across the country.

In October, the agency said employment gains of approximately 50,000 per month are needed for the employment rate to remain constant given the pace of population growth.

Employment increased in manufacturing and construction, while there were declines in wholesale and retail trade, as well as finance, insurance, real estate, rental and leasing.

The number of private sector employees rose by 38,000 in November, the first increase since June.

Meanwhile, the number of self-employed workers decreased by 25,000, partly offsetting cumulative increases of 76,000 in August and September.

The number of public sector employees was little changed in November but was up by 98,000 from June.

StatCan said employment held steady for core-aged men and women aged 25 to 54. Overall employment was little changed for youth and older workers.

On a year-over-year basis, average hourly wages rose 4.8 per cent in November to $34.28, similar to the increase recorded in October.

At look at some of the provincial numbers

New Brunswick gained 3,400 full-time jobs in November but lost 1,100 part-time positions for a net increase of 2,400.

The unemployment rate fell to 6.4 per cent from 6.6 per cent the month before.

Nova Scotia gained 1,300 full-time positions but lost 1,900 part-time jobs for a net decrease of 700.

The unemployment rate edged up two-tenths of a percentage point to 6.8 per cent.

Prince Edward Island lost 1,300 jobs as the unemployment rate jumped to 8.1 per cent from 6.2 per cent.

In Ontario, the province gained 8,600 full-time jobs and lost 2,100 part-time positions for a net increase of 8,600.

The province’s unemployment rate edged down to 6.1 per cent from 6.2 per cent the month before.

The full report can be found on Statistics Canada’s website.