Canada Unemployment Rate

The unemployment rate in Canada rose to 6.8% in November of 2024, from 6.5% in the previous month, above expectations of 6.6% and marking the highest reading since September 2021. The result comes in line with concerns about a softening labor market recently raised by policymakers at the Bank of Canada. The unemployed population rose substantially by 87,300 people to 1,516,300, while employment rose by 50,500 to 20,647,400. Joblessness rose among youth (+41,200 to 444,600), the core aged population (+24,200 to 828,100) and the older population (+21,800 to 243,500). Meanwhile, the labor force participation rate in Canada rose by 0.3 percentage points from the previous month to 65.1%, marking a 3-month high.