Canada's Unemployment Rate Rises to 6.8% in November 2024
The Labour Force Survey for November 2024 indicates a rise in Canada's unemployment rate to 6.8%, marking the highest level since January 2017, excluding the pandemic years. The number of unemployed individuals increased by 87,000, reaching a total of 1.5 million. This represents a 22.2% increase compared to the previous year.
Employment gains were observed in several sectors, including wholesale and retail trade, which added 39,000 jobs, and construction, which saw an increase of 18,000 jobs. Professional, scientific, and technical services also experienced growth, adding 17,000 positions. However, manufacturing employment declined by 29,000, with Ontario experiencing a significant drop of 20,000 jobs in this sector.
The labour force participation rate rose by 0.3 percentage points to 65.1%, offsetting previous declines. Youth unemployment increased to 13.9%, while the unemployment rate for individuals aged 55 and older rose to 5.3%.
Regionally, employment increased in Alberta, Quebec, Manitoba, and Prince Edward Island. Alberta's employment gain of 24,000 jobs contributed significantly to the national increase of 51,000 jobs.
The survey also highlighted that 29.2% of Canadians aged 25 to 54 participated in training outside the regular education system over the past year, with job-specific training being the most common.
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