Canada gains surprise 108,300 jobs in October, jobless rate remains at 5.2%

Reading Time: 2 minutes

OTTAWA, Nov 4 (Reuters) – The Canadian economy gained a net 108,300 jobs in October, far exceeding analyst forecasts and entirely recouping losses seen through the summer, while the jobless rate held steady at 5.2%, Statistics Canada data showed on Friday.

Analysts surveyed by Reuters had forecast a net gain of 10,000 jobs in October and for the unemployment rate to edge up to 5.3%.

The blowout gain was entirely in full-time work and spread across industries, led by manufacturing, construction and accommodation and food services, Statscan said. Total employment edged just above May 2022 levels.

The average hourly wage for permanent employees rose 5.5% in October on a year-over-year basis, up from 5.2% in September.

Canada’s core-age workers continued to lead gains. The core-age unemployment rate stands at 4.2%, slightly above July’s record low, but in a historically tight range last seen in the 1970s.

Employment in the goods producing sector rose by a net 45,100 jobs, largely in construction and manufacturing. The services sector was up by a net 63,200 positions, mostly in accommodation and food services.

Canada’s Liberal-led government on Thursday set out billions in new spending to support low income workers among other things.

The Canadian dollar was trading 1.1% higher at 1.36 to the greenback, or 73.53 U.S. cents after the data.

(Reporting by Julie Gordon in OttawaAdditional reporting by Dale Smith in Ottawa and Fergal Smith in TorontoEditing by Mark Potter)

Once you're here...

%d bloggers like this: