Canada's October unemployment rate 6.7%... job seekers increase by 33,000

Canada’s unemployment rate rose to 6.7% in October from 6.5% in September, Statistics Canada reported, as the number of people looking for work increased by 33,000 while employment edged down by 4,700. The October job decline was smaller than drops of 42,000 in August and 68,000 in September, and the agency characterized the employment level as essentially unchanged. The jobless rate has now climbed for two consecutive months but remains below the 6.9% recorded in April. The data point to a labor market where modest hiring weakness is being amplified by growth in the labor force, and the next monthly report will be watched for whether the participation-driven rise in unemployment persists.