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Canada loses net 4,700 jobs in October, jobless rate rises to 6.7%
Private-sector losses and weaker retail and transport hiring outweighed public-sector gains, while youth unemployment climbed to 13.7%, Statistics Canada said.
- Canada's unemployment rate climbed to 6.7% in October from 6.5% the prior month, as the economy shed a net 4,700 jobs, Statistics Canada reported on Friday.
- Private sector employment fell by 53,000 positions, while full-time jobs shrank by 18,100, marking the first decline in private hiring since February.
- Employment in the public sector rose by 50,000, partially offsetting losses, though youth unemployment aged 15 to 24 jumped 0.7 percentage points to 13.7% in October.
- Growth in average hourly wages for permanent employees slowed to 2% year-on-year in October, down from 2.3% in September, indicating cooling inflation pressures.
- Analysts had forecast a 13,600 job gain, but the economy has lost 46,000 jobs this year amid trade tensions between Canada and the U.S., prompting businesses to reduce costs.
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37 Articles
Canadian economy lost 4,700 jobs in October as unemployment rate ticked up to 6.7%
The loss of a few thousand jobs last month follows big back-to-back job losses in August and September, when the Canadian economy shed more than 100,000 roles cumulatively over two months.
·Ottawa, Canada
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Canada Jobless Rate Rises to 6.7% Amid Small Employment Decline
·New York, United States
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The unemployment rate increased by 0.2 percentage points to 6.7% in October, according to Statistics Canada.
·Montreal, Canada
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Coverage Details
Total News Sources37
Leaning Left20Leaning Right0Center9Last UpdatedBias Distribution69% Left
Bias Distribution
- 69% of the sources lean Left
69% Left
L 69%
C 31%
Factuality
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