By rdnewsNOW staff

provincial, national rates rise

Red Deer area unemployment rate drops in November

Dec 6, 2019 | 9:07 AM

RED DEER- The unemployment rate for the Red Deer area fell from 7.3% in October to 6.5% last month, according to the latest numbers from Statistics Canada.

Provincially, the November rate rose to 7.2% from October’s 6.7%.

On the national front, Stats Canada numbers indicate the economy posted steep job losses, as both full-time and part-time employment moved lower.

Canada lost 71,200 jobs last month and the unemployment rate rose to 5.9% — its highest point since August of 2018.

It’s the biggest monthly job loss since the financial crisis.

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The report follows a decision by the Bank of Canada earlier this week to keep its key interest rate on hold at 1.75%, where it has been set for more than a year.