Canada sheds 4,700 jobs as unemployment hits six-month high of 6.7%

Canada's unemployment rate rose to 6.7% in October, a six-month high, as the economy shed a net 4,700 jobs, Statistics Canada said. Analysts polled by Reuters had expected a gain of 13,600 jobs and an unchanged 6.5% rate. All losses were in full-time work, down 18,100 positions, driven almost entirely by private-sector employees. Wholesale and retail trade lost 28,800 jobs, while construction added 16,000. Youth unemployment climbed to 13.7%. Wage growth for permanent employees slowed to 2% year over year. Job losses this year total 46,000. Money markets pushed expectations of the next Bank of Canada rate hike to March.