Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang

Economy lost 71,200 jobs in November, unemployment rate climbs to 5.9%

Jobless rate is at its highest since August 2018, when it hit 6%

The Canadian economy posted its biggest monthly job loss since the financial crisis as the unemployment rate also pushed higher in November.

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

Economists on average had expected a gain of 10,000 jobs and the unemployment rate to hold steady at 5.5 per cent, according to financial markets data firm Refinitiv.

The loss in jobs came as both full-time and part-time employment moved lower. The number of full-time jobs fell by 38,400, while part-time employment fell 32,800.

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.

Meanwhile, the services sector lost 44,400 jobs as the number of public administration jobs fell by 24,900 jobs in November.

Regionally, Quebec lost 45,100 jobs in November due to a decline in manufacturing as well as accommodation and food services. Alberta and B.C. both lost 18,200 jobs.

Compared with November last year, the 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.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COSAR attends one search and two rescues over long weekend

Teams searched for a missing cliff jumper, were called out to a sinking boat and an injured ATVer

EDITORIAL: Improving highway safety

Highway 97 has seen plenty of collisions and accidents over the years

Kelowna house and hip hop artist grows in popularity with new single

Edge’s ‘Vice City Vibes’ is available on all streaming platforms now

UPDATE: Rose Valley Dam wildfire in West Kelowna knocked back on all flanks

The fire is three hectares in size and was first reported at around 2:30 p.m. on Aug. 2.

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Princeton man faces charges after allegedly receiving ‘drunk driving’ lesson

The incident happened in the early morning hours of Friday, Aug. 1

VIDEO: Wildfire erupts north of Sicamous above Shuswap Lake

Observers suspect fireworks sparked blaze, Wildfire BC states cause still unknown

Canadians can travel to Hawaii in September; no quarantine with negative COVID test

Travellers will be required to pay for their own tests prior to arriving

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

Anonymous letters tell Vancouver Island family their kids are too loud

Letter said the noise of kids playing in Parksville backyard is ‘unbearable’

Police watchdog investigates Kamloops RCMP after stabbing death

The IIO is investigating the police’s lack of success in locating the man charged in stabbing

Forty-three properties near Dry Lake, along Highway 5A, under evacuation alert

Wildfire has been burning out of control north of Princeton for two days

Wildfire near Merritt creates smoke for drivers on Coquihalla

Coldwater River fire was estimated at seven hectares Aug. 3 and classified as out of control

Most Read