No new jobs, unemployment remains static in October
The October Labour Force Survey from Statistics Canada tells a sharply different story from September’s. While the Canadian economy added 52,000 jobs in September and the unemployment rate still crept higher, in October only 1,800 new jobs were created, and the overall unemployment rate remained unchanged at 7.4%.
Employment is still up by 1.3% over this time last year, with 229,000 full-time jobs having been created over the twelve month period.
Employment increased in October in Quebec and Newfoundland and Labrador, while it fell in British Columbia and Manitoba. There was almost no change in employment in the other provinces. Ontario’s losses in part-time jobs were largely offset by an addition of an almost equal number of full-time positions. Alberta continues to have the lowest unemployment rate in the country at just 4.5%.
Employment for younger workers, those aged 15-24, remains stubbornly high and double the national average at 14.7%. There were also 52,000 fewer jobs for this demographic than there were at this time last year.
In good news south of the border, the U.S. economy added 171,000 jobs in October, many more than most economists had been predicting. This marks the second month in a row to show positive signs of hiring growth in the States.
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