Canada collectively shed more than 71,000 jobs in November, the single largest job loss since the 2008 financial crisis. Meanwhile the economic engine of the US roared ahead, employing 266,000 more workers.
Back in Canada, the unemployment rate edged up to 5.9 percent and the hardest hit region was Québec, whose workforce shrank by 45,000, while Alberta and British Columbia suffered 18,000 job losses respectively.
“Declines in employment were recorded both in the goods-producing sector, specifically in manufacturing and natural resources, as well as in the services-producing sector,” Statistics Canada stated.
“The number of private-sector employees was down, while self-employment and public-sector employment held steady.”
Ontario experienced modest losses, causing its unemployment rate to rise slightly, but at 5.6 percent, it’s still below the national average. Modest job growth was experienced in the prairie provinces of Manitoba and Saskatchewan.
Employment for men between the ages of 25 to 54 also dropped for the second month in a row; down another 30,000 workers in November. Year-over-year figures paint a slightly better picture as employment among this demographic grew 51,000 jobs or +0.8 percent.