PEI unemployment rate dropped to 6.2% in October

Statistics Canada says the country’s unemployment rate rose to 5.7 per cent last month, as the economy added a modest 18,000 jobs.  The federal agency released its October labour force survey Friday, which shows the unemployment rate has risen for the fourth time in the past six months.  The unemployment rate was 5.5 per cent in September.  The latest job numbers come as high interest rates are slowing down the Canadian economy.  Employment in PEI dropped by 300 in October while the unemployment rate stood at 6.2 percent, down from September’s 6.3 percent.