Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang

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

Jobless rate is at its highest since August 2018, when it hit 6%

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.

The Canadian Press

Like us on Facebook and follow us on Twitter

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

Just Posted

Hall Of Fame induction is a feather in the cap, says proud Walker Sr.

Son will be inducted into hall of fame with 76.6 percent of vote

BC Summer Games organizers to hold big volunteer drive Saturday

Save On Foods locations across Maple Ridge and Pitt Meadows will have info booths

Condo project takes a step after a year’s delay

Maple Ridge wanted to wait until transit study done

Road repairs winding down on Maple Ridge road

New storm sewer connection installed

B.C. still struggling to control non-resident medical care fraud

Unpaid bills, out-of-province claimants a costly legacy of MSP

Councillor in Revelstoke withdraws proposed 67% pay hike amid backlash

There was significant backlash to the proposed $25,000 and $70,000 wages

Teen gunmen arrested after holdup at illegal cannabis shop in Abbotsford

Two men demanded cash and weed before taking off on foot

Risk to Canadians of Chinese coronavirus low, health minister says

Five or six people are being monitored in Canada, including at least one in Vancouver

VIDEO: ‘Porn’ answer was a wrong one for Surrey family on ‘Feud’ game show

Surrey’s Rams competed on the TV show Wednesday night

VIDEO: Uber, Lyft approved for ride-hailing in Lower Mainland

Kater Technologies Inc.’s application was rejected

Abandoned boats left to freeze on Okanagan Lake cause chaos

Over the last week weather conditions have caused three separate incidents

UPDATE: Jack-knifed semi closes Coquihalla northbound

A red liquid is reportedly spilled down the side of Highway 5

Most Read