Canada’s Unemployment Rate Rises to 6.7%, Highest Level in Six Months

Canada’s unemployment rate climbed to 6.7 per cent in October, reaching its highest level in six months, according to the latest data released by Statistics Canada on Friday.

Economists had expected the economy to add 13,600 jobs overall. However, instead of gaining jobs, Canada recorded a net loss of 4,700 positions last month.

The decline was primarily driven by the private sector, which shed 53,000 jobs, marking its first major drop since February. Meanwhile, public-sector employment increased by 50,000 positions, while the construction industry added 16,000 jobs, helping offset some of the losses.

The wholesale and retail trade sector continued to face the biggest challenges over the past year, losing another 29,000 jobs in October.

The report also highlighted growing challenges among young workers. The unemployment rate for Canadians aged 15 to 24 rose by 0.7 percentage points to 13.7 per cent in October.