Canada’s unemployment rate rises to 7.1 per cent as election approaches
Canada’s unemployment rate rose to 7.1 per cent in September, the highest level in more than a year, as more Canadians tried to find work amid weak economic conditions.
The last jobs report before a Bank of Canada interest rate decision and the federal election in mid-October painted a murky picture of the country’s labour market.
The economy gained 12,100 jobs in September, higher than analyst forecasts of 10,000. But the data also showed job creation lagged Canada’s growing work force. More than 1.36 million people were out of work last month, the highest number of unemployed Canadians in nearly two years.
The jobless rate unexpectedly rose to 7.1 per cent from 7 per cent, a level not seen since February of last year, according to data released by Statistics Canada.