Canada’s unemployment rate rises to 5.7% in October

Canada’s unemployment rate rose to 5.7 per cent in October as 18,000 jobs were added to the economy, says Statistics Canada.

The federal agency’s labour force survey for last month that was released Friday showed the unemployment rate rising for the fourth time in the past six months.

The previous report in September showed an unemployment rate of 5.5 per cent.

While employment rose in construction and information, culture and recreation, it was offset by a decline in wholesale and retail trade, as well as manufacturing.

These latest job numbers come as soaring interest rates are slowing down the economy country-wide.

The pace of wage growth slowed last month as well, with average wages up 4.8 per cent from a year ago despite wages continuing to rapidly grow.

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