Statistics Canada reported that 60.6 per cent of the population aged 15 or older had a job in November, as an increase in public-sector hiring halted a six-month decline in the employment rate. Nevertheless, the number of people in the actual labour pool seeking work continued to grow, pushing the jobless rate to 6.8 per cent. That’s the highest level since January 2017, excluding the COVID-19 pandemic. (The Logic)

Talking point: The latest hiring numbers reveal an economy struggling to stay afloat. The employment rate was 62.4 per cent in early 2023, and the drop since explains the growing number of detached workers. Last month’s job gains were mostly concentrated in health care and education, vital services that will benefit from an influx of talent. Meanwhile, private-sector employment and self employment were little changed, amplifying other signs of economic weakness. Youth unemployment reaccelerated in November, a leading indicator of trouble. The Bank of Canada is set to cut interest rates next week, with another half-point reduction likely on the table.