Friday, 29 May, 2020

Canada loses 1,800 jobs in October, unemployment rate holds steady at 5.5%

Canadian Employment Change Chart of Historical Data Canada loses 1,800 jobs in October, unemployment rate holds steady at 5.5%
Ginger Lawrence | 10 November, 2019, 22:43

BRUCE Ralston, Minister of Jobs, Trade and Technology, reacting to the release of Statistics Canada's Labour Force Survey for October, pointed out: "Our economy remains resilient, with low unemployment, higher wages and positive job growth despite challenges both globally and here in Canada". Canadian net change in employment for October came in at a disappointing -1.8K print for the headline figure which was a big miss compared to the median economist estimate of +10.0K.

There were declines seen over the a year ago in health care, which dropped 6,200 positions, wholesale and retail trade lost 2,700 jobs and manufacturing shed 1,500.

Data from Statistics Canada showed that employment dropped unexpectedly in the month of October. The unemployment rate in again the lowest in the country at 4.7%.

Most of the new jobs were in westernmost British Columbia and the Atlantic island province of Newfoundland.

Stephen Brown, senior Canada economist at Capital Markets, says the lost jobs aren't a huge concern, but weakness in manufacturing is something to keep an eye on.

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Canada's job market shed 1,800 jobs in October.

Year-over-year, the unemployment rate is up from October 2018, when it sat at 4.3%, and when 1,800 were unemployed in a labour force of 41,600.

Economists on average expected the economy to add a total of 15,900 jobs and an unemployment rate of 5.5 per cent, according to financial markets data firm Refinitiv. The number of full-time jobs fell by 16,100, offset in part by a gain of 14,300 part-time jobs.

One of the industry sectors that slipped in October was professional services, where employment contracted by 2,000.

In making its decision, the central bank said inflation was on target and the domestic economy has held up well in many respects, even though it's feeling the negative effects of slowing global growth.