Canada Loses 4,700 Jobs in October as Unemployment Rises to 6.7%
Updated
Updated · CBC Sports · Nov 6
Canada Loses 4,700 Jobs in October as Unemployment Rises to 6.7%
3 articles · Updated · CBC Sports · Nov 6
Summary
Statistics Canada reported a 4,700-job loss in October, missing forecasts for a 13,600 gain and pushing unemployment up to 6.7% from 6.5%.
The decline extended a three-month slide after more than 100,000 jobs were lost in August and September combined, reinforcing signs of slack in the labor market.
Private-sector employment fell by 53,000—its first drop since February—while public-sector jobs rose by 50,000; wholesale and retail trade led industry losses with 29,000 positions cut.
Youth unemployment climbed 0.7 percentage points to 13.7%, while the core 25-to-54 age group held steady and average hourly wage growth eased to 2.2% from 2.3%.
Economists cited frozen Canada-U.S. trade talks as a drag on hiring, and the weaker data may support the Bank of Canada holding its policy rate at 2.5% in December.