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Unemployment Rate Released by Statistics Canda

The unemployment rate was released by Statistics Canada, for the month of October.

The October unemployment rate dropped to 4.3 percent, with last year sitting at 6.7 percent.

“The unemployment rate has gone down, simply because over the past 12 months, more people are working.” says Vincent Ferrao, Analyst for the Centre for Labour Market Information with Statistics Canada.

“We have about 89,000 working in October. A year ago, there were 86,200 people working.”

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As for what industry saw the most growth, Ferrao says the service industry (wholesale and retail) and more people were working in healthcare and social assistance.

He did point out that a reason for unemployment going down could also be because of the opening of the economy, and cut backs of restrictions caused by the pandemic.

You can find the labour statistics on Statistic Canada’s website here.

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