FX.co ★ Canada Unemployment Rate Falls to 16-Month Low

In November 2025, Canada's unemployment rate declined to 6.5%, down from 6.9% in October, reaching its lowest point in 16 months. This unexpected decrease contradicted forecasts predicting a rise to 7%. The drop signifies a change in the upward trend observed in the jobless rate over most of the year, as the number of unemployed individuals decreased by 80,000 from the previous month, bringing the total to 1.5 million. This decrease was notably larger than the 26,000 reduction in the labor force, resulting in a participation rate of 65.1%. During this period, net employment increased by 53,600, reaching a total of 21.14 million, marking the third consecutive month of significant growth. The rise was driven by a 63,000 increase in part-time employment, with almost 18% of part-time workers indicating they were doing so involuntarily, a figure that has remained relatively stable over the past year.