Canada’s Unemployment Rate Edged Down To 5.1% In November

Canada's unemployment rate declined to 5.1% in November, placing it near historic lows even as evidence mounts that the economy is slowing.

Statistics Canada reported that the economy added a relatively modest 10,000 jobs in November, pushing the unemployment rate down to 5.1% from 5.2% in October when a
108,000 jobs were added.

Employment rose in several sectors during November, including finance, insurance, real estate, manufacturing, and recreation. Jobs were lost in construction and retail trade in the month.

Canada’s labour market remains resilient despite signs of an economic slowdown prompted by rising interest rates to lower persistently high inflation.

Bank of Canada Governor Tiff Macklem has said that the current low unemployment rate is unsustainable and leading to the current high inflation rate.

The unemployment rate in Canada fell to a record low of 4.9% this past summer and has risen only slightly in recent months.

In November, the wages Canadian workers earn rose 5.6% compared to a year ago, marking the sixth consecutive month of above 5% growth.