Canada posts largest job loss since 2009
133Canada’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and casting doubt on the resiliency of the domestic outlook.
The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month. That pares the total number of jobs added this year to around 285,100.
The report missed the median economist forecast for a gain of 10,000 jobs. The unemployment rate increased to 5.9 per cent in the month, from 5.5 per cent in October, the biggest one-month jump since 2009. The decrease in employment was broad-based among both the goods-producing and service-producing sectors.
“Canada’s jobs report is disappointing, showing job losses for the second month in a row,” said Julia Pollak, labour economist at ZipRecruiter, an online employment marketplace. “But observers should remember that the numbers are highly volatile and that this is still the strongest year for job growth in Canada in 17 years.”
The Canadian currency depreciated on the report, dropping 0.6 per cent to $1.3249 against its U.S. counterpart at 8:40 a.m. Toronto time.
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