Canada’s unemployment rate ticked higher in October, rising to 5.7% as the national economy continued to cool.
New figures released by Statistics Canada showed that the labor market added 18,000 jobs last month in a clear sign that the Bank of Canada’s efforts to tap the brakes on economic growth are having an impact.
The October jobs figures mean that the national unemployment rate has now increased four times in the past six months, with last month’s rate up from 5.5% in September.
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