Published: Sun, November 10, 2019
Economy | By

Unemployment rate remains low in region

Unemployment rate remains low in region

The unemployment rate held steady at 5.5 per cent.

"After a couple of months of outsized gains, Canada's labour market didn't get the job done in October", he said, predicting a further slowdown in employment growth ahead. "The province created 15,300 jobs, more than any other province - the vast majority being full-time jobs", he said.

The manufacturing sector lost 23,000 jobs, mostly in Ontario, while the construction sector lost 21,000.

On a year-over-year basis, employment has still grown by 443,000 or 2.4 percent, said Statistics Canada. "Over the past three months, we've now added a total of 11,600 new jobs".

The losses were offset in part by an increase of 20,000 jobs working in public administration and 18,000 in finance, insurance, real estate, rental and leasing.

"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. "That's the weakest jobs number since July, but hardly the end of the world after a torrid pace of gains over the prior two months".

Unemployment in the region was recorded at 6.2% in September, with 2,600 unemployed. Average weekly wages jumped by 4.2 per cent for all workers in October, and by 4.4 per cent for permanent employees.

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.

As a result, Ottawa's jobless rate in October dropped to 4.2 per cent from 4.4 per cent.

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. The unemployment rate in again the lowest in the country at 4.7%.

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