Canada has biggest monthly job loss since financial crisis

Canada has biggest monthly job loss since financial crisis
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Canada’s economy is showing the biggest monthly job loss since the financial crisis.

Statistics Canada said on Friday that 71,200 jobs had been lost last month, and the unemployment rate rose four-tenths of a percentage point to 5.9 per cent — it’s highest point since August 2018 when it hit six per cent.

In Victoria, the unemployment rate rose from 3.2 per cent in October to 3.5 in November.

Full-time jobs dropped by 38,400, and part-time employment fell by 32,800 jobs.

The goods-producing sector lost 26,600 jobs in the month as the number of manufacturing jobs fell by 27,500 jobs and the natural resources sector shed 6,500.

The services sector lost 44,400 jobs, and the number of public administration jobs fell by 24,900.

Alberta and B.C. both lost 18,200 jobs.

But compared with November last year, the Canadian economy has added 293,000 jobs.

The jobs report followed a decision by the Bank of Canada earlier this week to keep its key interest rate on hold at 1.75 per cent, where it has been set for more than a year.

In making its decision, the central bank said the Canadian economy has remained resilient despite the global uncertainty caused by the trade war between the United States and China.

The Bank of Canada has stood out from many of its international peers who have moved to cut rates and loosen monetary policy in response to weakness in the global economy. The U.S. Federal Reserve has cut its rate three times this year.

With files from The Canadian Press



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