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Canada’s unemployment rate up at 7.1%; job loss concentrated in service sector

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Canada’s Statistics Canada today reported the Canadian economy shed 35,700 jobs in November. The worse-than-expected drop in jobs pushed November's unemployment rate up to 7.1 per cent. The unemployment rate had fallen to 7 per cent October. Temporary hiring to support public administration work during the election period had caused employment to rise significantly in October. Economists had estimated the country to shed 10,000 jobs in November and the unemployment was expected to stay at 7 per cent.

    With the elections over the number of public-administration jobs fell by 32,500 in November to offset an October increase of 32,000 positions. According to Statistic Canada the loss in jobs in this sector was seen across all provinces.

    The overall number of part-time positions declined by 72,300 last month compared to the October. Full-time jobs however grew by 36,600. Public sector dropped 21,200 jobs while 40,800 jobs were shed in the private sector.

    November job losses were concentrated in its services sector. Canada's services sector dropped 82,000 positions. 15,600 jobs were lost in wholesale and retail trade. The information, culture and recreation lost 11,900 and 11,200 jobs were lost in finance, insurance, real estate and leasing sector.

    The number of people in Canada employed in natural resources-related companies remained flat. Manufacturing sector however added 17,400 jobs in November.
    In November youth unemployment rate hit its lowest level since 2008, as it dropped to 12.7 per cent, from 13.3 per cent the previous month.

    Month on month, Alberta saw the biggest decline among provinces. Alberta’s jobless rate jumped from 6.6 per cent to seven per cent, steepest since April 2010. 14,900 fewer people were working there.
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