Analysts predict slight increase in unemployment rate ahead of December jobs report
November saw Canada’s unemployment rate rise to 6.8 per cent — the highest jobless rate since January 2017 outside of the COVID-19 pandemic.
Statistics Canada is set to release the country's December job report this morning.
In November, Canada’s unemployment rate increased to 6.8%, marking the highest rate since January 2017, excluding the COVID-19 pandemic period.
Analysts from RBC and BMO predict the unemployment rate will have risen slightly to 6.9% in December, reflecting continued struggles in the labour market.
The analysts also anticipate that Canada added a modest 10,000 jobs last month.
This labour market data comes ahead of the Bank of Canada's upcoming interest rate decision on January 29.
RBC forecasts another rate cut of 25 basis points, following the 50-point cuts in both December and October.
