Canada Adds 54,000 Jobs in November, Unemployment Rate Drops to 6.5% | AI News Digest
In a significant development garnering worldwide interest, Canada saw a surge of 54,000 new jobs in November, continuing a trend of job growth for the third month in a row, according to Statistics Canada. The unemployment rate dropped to 6.5%, marking its lowest point in 16 months, down from 6.9% the previous month. This reduction in unemployment is largely linked to a slowdown in population growth, which has alleviated some of the strain on the labor market. Most of the newly created jobs were part-time, with substantial increases noted in the healthcare, accommodation, and natural resources sectors. However, despite these encouraging signs, experts indicate that the chances of a rate cut by the Bank of Canada are slim, considering the current economic data and ongoing inflationary challenges.
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