The unemployment rate in the London-St. Thomas area rose to 6.5 per cent for October, an increase of two percentage points from September, according to Statistics Canada.
Last month’s figure is up from 6.3 per cent in September and 6.6 per cent in August, which is the highest level recorded in 2022 so far.
According to Statistics Canada, London lost 1,000 jobs in October while the size of the labour market decreased by 700. The number of people claiming unemployment rose by 300.
The participation rate, which measures the size of the working-age population that is currently working or seeking employment, fell to 65.8 per cent last month from 66 per cent in September.
In total, 294,000 people were employed across the city in October, compared with 295,000 in September.
On the national level, the Canadian economy added 108,000 jobs in October, reversing many of the losses observed in recent months.
Canada’s unemployment rate for last month held steady at 5.2 per cent as more Canadians looked for work. The gain in jobs comes after four months of job losses or little growth in employment.
However, the steady unemployment rate is also “at odds with bubbling fears” that the Canadian economy is headed for a possible recession as interest rates rise, according to The Canadian Press.
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