Peterborough’s unemployment rate climbed in October, moving further above the national average as Canada’s labour market continued to show signs of weakness.
According to the latest figures from Statistics Canada, Peterborough’s unemployment rate increased from 6.8 per cent in September to 7.1 per cent in October, a rise of 0.3 percentage points.
The local increase mirrors the national trend, with Canada’s unemployment rate rising to 6.7 per cent in October, up from 6.5 per cent the previous month.
Statistics Canada reported a net loss of 4,700 jobs across the country during October.
Private sector employment fell by 53,000 positions, marking the first monthly decline in that category since February.
The wholesale and retail trade sector experienced the largest job losses, although gains in construction and education helped offset some of the decline.
The latest report also highlights growing challenges for younger Canadians looking for work.
The unemployment rate among people aged 15 to 24 increased to 13.7 per cent in October, compared with 13 per cent in September.
The figures suggest young workers continue to face a particularly difficult employment market.
Economists had expected some improvement in October following significant job losses in August and September, but the latest national numbers showed further weakness.
