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

Petition underway to stop bylaw on homeless camping in Regional District of Nanaimo

‘Canadians are known for their meekness but this time we need to have a voice’

Qualicum Beach approves Pheasant Glen zoning amendment

Majority of residents who spoke at public hearing endorsed proposed amendment bylaw

Centre withdraws from cell tower project in Qualicum Beach

TELUS plans to continue to look at plans to improve cellphone reception in the area

Qualicum Beach council voices support for Ballenas track upgrade

Town still not ready to provide dollar amount without further information

Resident discovers five discarded hog heads in a ditch in Coombs

WARNING: Graphic image may be upsetting to some readers

HIGHLIGHTS: Day one and two at the 2020 BC Winter Games

Athletes had sunny – but cold – weather to work with in Fort St. John

Tyler Toffoli scores twice, Canucks crush Bruins 9-3

Stecher, Miller each add three points for Vancouver

Zamboni driver, 42, earns NHL win over Maple Leafs

Emergency goalie called into action for Carolina Hurricanes

Governor general says multiple solutions needed for ‘complicated’ overdose issue

Julie Payette met at a fire hall with firefighters and police officers as well as politicians and health experts

Landlord ordered to pay $11K after harassing B.C. mom to move days after giving birth

Germaine Valdez was pressured to move just a few days after giving birth by C-section to her child

Heart attacks strike B.C. husband and wife just over one year apart

Courtenay couple share personal stories to bring awareness to heart month

‘Nothing surprises us anymore:’ U.S. border officials find brain in package

U.S. Customs and Border Protection agents found the brain packed in a glass mason jar in a Canada Post shipment

B.C., Ottawa sign sweeping 30-year deal for northern caribou habitat

West Moberly, Saulteau co-manage new protection on two million acres

Eyes on police after Trudeau orders blockades torn down, injunctions enforced

The RCMP in B.C. have sent a letter to the traditional leaders of the Wet’suwet’en Nation

Most Read