Canada Jobless Rate Reaches 6-Year High
Canada’s unemployment rate rose to 10.6% in August, its highest level since April, 1985, pointing to a sluggish recovery from recession.
The number of unemployed rose by 13,000 to 1.46 million, while the number of employed fell 20,000 to 12.34 million, the government agency Statistics Canada said Friday. The jobless rate was 10.5% in July.
“The numbers point to a sluggish recovery,” said John Clinkard, a Canadian Imperial Bank of Commerce economist.
Canada’s economy has shown signs of recovering from a recession that started in April, 1990. Gross domestic product grew at an annualized rate of 4.9% in the second quarter of this year after contracting at a rate of 4.6% in the first quarter.
But growth in employment has lagged.
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