Statistics Canada said the economy lost 71,200 jobs last month in a Dec. 6, 2019 story. (Photo by THE CANADIAN PRESS)

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

OTTAWA — 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.

This report by The Canadian Press was first published Dec. 6, 2019.

The Canadian Press

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

Just Posted

River Bend could get an extension to repay an often deferred $1.7 million loan

Council gives initial approval to defer repayments until 2022

Pre-COVID oil prices not anticipated until late 2022

Conference Board of Canada’s releases latest economic outlook forecast

Statistics Canada says economy grew 3.0 per cent in July

OTTAWA — Statistics Canada says real gross domestic product grew by three… Continue reading

Town of Penhold extends calls for roundabout at busy intersection

Town wants firm date on when a roundabout could be built at intersection of Highway 2A and 42

Over 2,000 volunteers needed for 2020 Festival of Trees

The annual event this year shifted to Bower Place from Westerner Park

No resolution in Walmart shooter’s bid to avoid trial

The shooter, Chase Freed returns to court on Oct. 14

Leduc Man still missing, RCMP concerned for his well being

31-year-old Ryan Mcleod has been missing since Sept. 10, 2020.

Sylvan Lake family says they are ‘blessed’ to have found their home in Central Alberta

Onsy and Rosemary Tawadrous immigrated to Canada in 2011 and made their home in Sylvan Lake

Tractor fire east of Ponoka doused

Flames extinguished with foam additive

Wetaskiwin restaurant asks City for help with excessive property damage caused by continuous loiterers

Employees say that they are scared for themselves and their customers.

Quebec’s second wave driven by community transmission, muddled messaging, expert says

MONTREAL — Quebecers following the COVID-19 news in recent days may be… Continue reading

Most Read