Statistics Canada says economy lost 1800 jobs in October

Andrew Cummings
November 10, 2019

Analysts had expected jobs to rise by 15,900.

Canada's unemployment rate remained steady at 5.5 per cent. In Gatineau the unemployment rate increased slightly to 4.5 per cent as labour force growth outpaced hiring.

Statscan said the services sector gained 39,000 jobs in October, with increases reported in public administration, as well as finance, real estate, insurance and rental leasing industries, while the goods-producing sectors saw a decline of 40,900 jobs on losses in manufacturing and construction.

He added: "In the big three categories of job growth, wages and unemployment, B.C. performed exceptionally well in the month of October".

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.

"We also recently announced the addition of an Export Navigator adviser dedicated to helping Indigenous small businesses around the province grow by reaching new markets".

"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 data suggest that, with the jobless rate hovering near an historic low, a tight labour market has started to result in stronger wage gains.

Employment in the federal government was up a modest one per cent in October to 155,100 - representing 19.4 per cent of the region's total jobs. The unemployment rate in again the lowest in the country at 4.7%.

Royce Mendes, senior economist at Canadian Imperial Bank of Commerce, noted how job growth has outpaced other key indicators over the past year, such as gross domestic product.

Other reports by iNewsToday