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Canada's jobless rate surged to 6.8%, the highest in three years, despite adding 51,000 jobs in November. This increase, driven by a rise in job seekers and temporary layoffs, suggests a stronger case for the central bank to accelerate rate cuts. Economists had anticipated a smaller job gain and a lower unemployment rate of 6.6%.
The Canadian economy saw a modest 0.1% growth in October, following a similar increase in September. This comes after a weaker-than-expected third quarter, which recorded an annualized growth of just 1%, prompting the Bank of Canada to consider further rate cuts.
Canada's economy added 14,500 jobs in October, falling short of the expected 27,200 increase, highlighting ongoing labor-market softness. This disappointing figure has influenced the central bank's decision to accelerate interest rate cuts.
Statistics Canada
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