- Statistics Canada
The Canadian economy lost 36,000 jobs in November, pushing the unemployment rate higher, Statistics Canada reported. Canada's economy shed the most jobs since April 2009, whereas most analysts had predicted a loss of about 10,000 jobs in November, following an advance of more than 44,000 in the preceding month. Jobs were lost in both private and public sectors during the reported month, down 40,800 and 21,200, respectively, with most of the decreases coming in part-time employment and mainly among those between 15 and 24 years of age. Still, Canada's overall labour force has increased 135,000 positions between January and November this year, compared to 132,600 during the same period last year.
The Bank of Canada maintained its key overnight lending rate at 0.5%, highlighting that the domestic economy was adjusting largely as expected to the effects of low prices and other headwinds. The central bank stressed that the nation's economy benefitted from the US economic recovery, weaker Canadian Dollar and the bank's easing policy. Yet, the resource sector remains a problem for Canada's economy, as lower oil prices undermines the economy and business investments are facing major spending cuts in the energy related field.
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