OTTAWA — Canada’s unemployment rate rose to 5.7 per cent last month as job opportunities became less plentiful in an economy weighed down by high interest rates.
Statistics Canada released its October labour force survey Friday, which showed the economy added a modest 18,000 jobs.
Wages continued to grow quickly, but the pace slowed last month compared to September, with average hourly wages up 4.8 per cent to $34.08 from a year ago. Among those who were unemployed in September, a larger proportion stayed unemployed in October than 12 months prior, suggesting “job seekers are facing more difficulties finding employment than a year ago.”
"The 0.7 per cent adjustment is big, and it's moving in the right direction with respect to getting the economy into balance. But there's still more to go," Orlando said.
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