OTTAWA — Canada’s unemployment rate jumped to 6.8 per cent last month as more people looked for work in a weak job market.
Statistics Canada’s November labour force survey says the jobless rate last month reached the highest since January 2017, outside of the COVID-19 pandemic. The unemployment rate was 6.5 per cent in October.
The labour force participation rate, which reflects the proportion of working-age people who are employed or looking for work, rose by 0.3 percentage points last month.The Bank of Canada will have its eye on Friday’s job report as it gears up for its interest rate announcement on Wednesday. BMO changed its call from a quarter-percentage-point cut to a half-point reduction in the Bank of Canada's policy interest rate following the job report.
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