In November 2024, Canada's Unemployment Rate Rose To 6.8%

In November 2024, Canada's unemployment rate rose to 6.8%, an increase of 0.3 percentage points from October 2024. This marks the highest unemployment rate since January 2017, excluding the COVID-19 pandemic years. Despite this rise in the unemployment rate, the country saw an increase of 51,000 jobs, primarily in full-time positions and the public sector [1][3].

In November 2024, Canada's Unemployment Rate Rose To 6.8%

Key Highlights:

• Unemployment Rate: 6.8% in November 2024.

• Job Growth: 51,000 new jobs added.

• Employment Rate: Steady at 60.6%.

• Participation Rate: More individuals entered the job market, contributing to the rise in the unemployment rate [2][3].

The increase in the unemployment rate is attributed to a higher number of people actively seeking work, with 87,000 individuals newly unemployed in November. Economists suggest that while the jobless rate has increased, it does not necessarily indicate a downturn in the labor market, as consumer demand remains strong [3].

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References:

1. The Daily — Labour Force Survey, November 2024

2. Unemployment rate by province and territory, November 2024

3. BMO changes rate cut call after surprise jump in Canada’s jobless rate - National | Globalnews.ca