Money Canadian economy lost 71,200 jobs in November, unemployment rate rises to 5.9%

15:55  06 december  2019
15:55  06 december  2019 Source:   msn.com

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OTTAWA— Canada ’s unemployment rate rose in July as the economy unexpectedly shed jobs for a second straight month, fueling speculation over a possible Bank of Canada rate cut later this year. The Canadian economy lost a net 24, 200 jobs in July on a seasonally adjusted basis, Statistics Canada

The economy lost 31, 200 jobs in July as the number of workers with full-time jobs fell dramatically and fewer younger people were employed, Statistics Canada reported today. Analysts had expected Canada 's economy would create about 10,000 jobs last month.

OTTAWA — Statistics Canada says the economy lost 71,200 jobs in November, compared with a loss of 1,800 jobs in October.

The unemployment rate rose by 0.4 percentage points from last month to 5.9 per cent.

Analysts had expected the addition of 10,000 jobs in November and the unemployment rate to hold at 5.5 per cent, according to financial markets data firm Refinitiv.

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Finance minister to deliver economic update today .
Finance Minister Bill Morneau will give an update on Canada's fiscal health today as he delivers the fall economic statement. Morneau's update, a document usually released several months before the federal budget, will provide more context for the minister's optimistic predictions for the coming year.The minister has said he expects the Canadian economy to continue to grow, and to be one of the top performing economies in the G7 by the end of next year. The document also will lay out project and program spending for the coming months.But the briefing is coming on the heels of a bad month for workers.

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