Canada's unemployment rate continues to rise slowly
Statistics Canada reports for October.
The Canadian labor market continues to move on a roll — the unemployment rate increased for the fourth time in the last six months, and the employment rate on the contrary decreased. This was reported by StatCan in its report for October.
Unemployment
The unemployment rate rose 0.2% from September to 5.7%. Despite fluctuations in one direction or the other over the past six months, the situation has not corrected since May, which was a watershed for the Canadian labor market.
Since April, the rate has increased by 0.7% after remaining at a near-record low of 5% between December 2022 and April 2023. In absolute terms, there were 1.2 million unemployed in October, up 171,000 ( 16.2%) from April.
The unemployment rate among young people (aged 15 to 24 years) has especially increased: in October it increased by 0.9% and reached 11.4%. From March to October, the unemployment rate in this category increased by 2.7% among girls and by 1.8% among boys.
Employment
The October employment rate (61.9%) is down from the recent peak of 62.5% recorded in January 2023, but little changed from October 2022 (62.0%). The rate has been virtually unchanged since July 2023.
The full article is only available to members of the Immigrant.Today community. Log in to your account to read it for free.
