Canada Jobless Rate Rises to 6.8 Percent Despite Employment Gains

Canada's unemployment rate has reached its highest level in three years at 6.8%, according to Statistics Canada.

Despite the addition of 51,000 jobs in November, the number of job seekers and those on temporary layoff has outpaced employment gains, resulting in a 0.3 percentage point increase in the unemployment rate.

Economists surveyed by Bloomberg had predicted a more modest job growth of 25,000 positions and an unemployment rate of 6.6%. This unexpected rise in unemployment is likely to strengthen the argument for the central bank to consider more aggressive rate cuts in response to the labor market dynamics.

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