Rate of Unemployment in Canada on a Rise

Canada Job Loss

Figures reported for October have confirmed that in one month alone Canada lost as many as 43,000 jobs, hinting that despite economic growth, companies are cautious and want complete stabilization before they can start hiring again. The figures were released by the Statistics Canada on Friday.

For the month of October, the rate of unemployment in Canada hit 8.6%, a definite rise from the 8.4% figure of the previous month. The country is also witnessing a growing trend of self-employment as more and more people turn to create work for themselves, disappointed with the nation's job situation.

All is not bleak, as the reports have confirmed that before the October fiasco, many full-time jobs were added by employers for August and September. Also, the month of October saw creation of some high paying jobs in markets such as construction, which ranks among the fastest recovering sectors post recession.

The details of the report were mostly weaker, with the only positive news that the entire drop was in part-time jobs, while full-time positions recorded a decent gain”, said Benjamin Reitzes, an economist at BMO Nesbitt Burns.

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