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Canada's Unemployment Rate Climbs to 6.8%
BY Connect Newsroom, Dec 6, 2024 8:33 PM - REPORT AN ERROR
A Statistics Canada report shows employers added 51,000 jobs in November, but the rate increased as more people entered the workforce.
Canada's unemployment rate has reached 6.8%, the highest since January 2017, raising speculation about a potential interest rate cut by the Bank of Canada.
A Statistics Canada report shows employers added 51,000 jobs in November, but the rate increased as more people entered the workforce. Compared to October, unemployment rose by 0.3%, with 87,000 individuals newly unemployed in November.
This marks the last major economic report ahead of the Bank of Canada's interest rate decision on December 11. Experts anticipate a possible rate cut, though opinions vary on the extent.
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