Canada adds 43,000 jobs in October, jobless rate down to 6.5% lowest since Nov 2008

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http://www.cbc.ca/news/business/canada-adds-43-000-jobs-in-october-
jobless-rate-down-to-6-5-1.2827314


Canada adds 43,000 jobs in October, jobless rate down to 6.5%

Canadian economy has produced 182,000 jobs in past year, the bulk added
in past 2 months

Nov 07, 2014

Canada has produced more than 180,000 jobs in the past year, with the
bulk added in the past two months. (Patrick Kelley/Bloomberg)


The Canadian economy added 43,000 jobs in October, pushing the jobless
rate down to its lowest level since November 2008.

Statistics Canada said Friday that Canada has now produced 182,000 jobs
in the past year. But two-thirds of those jobs have come in the past
two months.


The strong monthly figure is much better than what most economists had
been expecting — a slight pullback after a strong September figure.
Instead, it was the first time there have been back-to-back monthly
gains since the end of 2012.

The loonie gained almost a cent on the news, trading back above the 88
cent level after the news came out.

"Throughout this year, we’ve been trapped in an oscillating pattern of
gains one month only to be followed by losses the very next month,"
Scotiabank said in a research note ahead of the release of the data.

Broad-based gains

Provincially, employment rose in Ontario, Manitoba, Nova Scotia and
Prince Edward Island, while it declined in New Brunswick. Everywhere
else, it was basically flat.

Private-sector workers and the ranks of the self-employed swelled,
while there was a slight decline in the number of public-sector
workers, the data agency said.

There were job gains in manufacturing, where 33,200 more people found
work during the month. The survey said the natural resources sector
shed 22,200 jobs in October.

The strong monthly figure "suggests that the economy may have shifted
into a higher gear," Capital Economics said in a research note.
"Stronger job creation over the past six months indicates a marked
improvement."

While the overall unemployment rate dropped to an almost six-year low,
young workers are still disproportionately unemployed. The jobless rate
for those aged 15-24 declined to 12.6 per cent because more young
workers stopped looking. But the figure is still almost twice as high
as overall jobless rate.

http://www.cbc.ca/news/business/canada-adds-43-000-jobs-in-october-
jobless-rate-down-to-6-5-1.2827314