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Special Report

Canada Employment
Research Brief

December 2022

Mixed Indicators for the Bank of Canada to
Consider as Unemployment Ticks Down

Labour market remains resilient. Despite concerns surrounding a potential recession, the Canadian economy added 10,100 jobs in November, bringing the year-to-date total to 290,100. While these gains were well below the 108,000 jobs added in October, the labour force participation rate contracted in November. This made the unemployment rate fall to 5.1 per cent, down 10 basis points month-over-month and 90 basis points when compared to the start of the year. High contact industries, like information, culture and recreation, as well as accommodation and food services, continued to recover, while the manufacturing and FIRE industries saw the largest gains.

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