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

Canadian Employment Change Chart of Historical Data

"The unemployment rate was unchanged at 5.5%". The two-year rose 8.5 Canadian cents to yield 1.584% and the 10-year was up 35 Canadian cents to yield 1.577%.

It's unlikely that October's Labour Force Survey will encourage the Bank of Canada to cut interest rates, economists said.

"Year-over-year, B.C. added 50,000 more jobs, of which more than 40,000 were full time, and last week, Vancouver was named the top city in North America for tech-sector job growth".

Despite October's loss, employment has grown by 443,000 positions (or 2.4 per cent) over the past year, and is largely comprised of full-time jobs.

BC Liberals, on the other hand, said in a statement that British Columbia has lost nearly 10,000 jobs over the past five months and accused Premier John Horgan and his NDP government of having no jobs plan in sight. He added: "We remain dedicated to supporting workers in these industries, especially those in forestry jobs".

Almost 90 per cent of last month's job surge took place on the Ottawa side of the river, where 8,500 jobs were created, compared to 1,200 in Gatineau.

"I don't think one number will move the needle a whole lot at the Bank of Canada, but at the margin it's a little bit more of a cautious signal", Derek Holt, vice president of capital markets economics at Scotiabank, said of the jobs report. The decrease came as the local economy added 4,600 new jobs.

As a result, Ottawa's jobless rate in October dropped to 4.2 per cent from 4.4 per cent. In September, the percentage of working-age Canadians (15 to 64) who were employed hit a record of 74.7 per cent.

The gains helped push the unemployment rate down 0.1% to 4.7% - taking back the country's lowest unemployment rate from Quebec.

But that contrasts with "much softer" economic growth (GDP), noted CIBC analyst Royce Mendes said in a research note.



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