CanadaB次元官网网址檚 unemployment rate jumped to 6.8 per cent last month as more people looked for work in a weak job market.

Statistics CanadaB次元官网网址檚 November labour force survey says the jobless rate last month reached the highest since January 2017, outside of the COVID-19 pandemic. The unemployment rate was 6.5 per cent in October.

Meanwhile, the economy added 51,000 jobs in November, with employment gains concentrated in full-time work.

The labour force participation rate, which reflects the proportion of working-age people who are employed or looking for work, rose by 0.3 percentage points last month.

That increase explains why the unemployment rate climbed, even as the economy created more jobs.

The Bank of Canada will have its eye on FridayB次元官网网址檚 job report as it gears up for its interest rate announcement on Wednesday.

Forecasters are widely expecting the central bank to deliver another interest rate cut, though there hasnB次元官网网址檛 been consensus on the size of that reduction.

BMO changed its call from a quarter-percentage-point cut to a half-point reduction in the Bank of CanadaB次元官网网址檚 policy interest rate following the job report.

B次元官网网址淭o be clear, this is what we believe the bank will do, not necessarily what we believe that they should do,B次元官网网址� wrote BMO chief economist Douglas Porter.

B次元官网网址淏ut the bank seems biased to ease quickly, and the high jobless rate provides them with a ready invitation.B次元官网网址�

The central bankB次元官网网址檚 key interest rate currently stands at 3.75 per cent.

High interest rates have cooled the labour market significantly over the last year.

For unemployed Canadians, thatB次元官网网址檚 meant longer periods without work.

The job report says 46.3 per cent of unemployed Canadians in November had not worked in the last year or had never worked, up from 39.5 per cent a year ago.

Average hourly wages were up 4.1 per cent from a year ago, marking a slowdown in annual wage growth from October.