Markets

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

In Alberta's largest cities, the unemployment rate also came down in October, but it remains above the provincewide rate and well above the national average.

Statscan said full-time employment jumped by 88,700 jobs while part-time positions dipped by 53,400.

It's the first time the jobless rate has been above 6 per cent in London since June.

The result was a slight increase in the unemployment rate, from 6.0 to 6.1 per cent.

Some gloomy job numbers to report in Kamloops.

The strong growth to start the year helped prompt the Bank of Canada to raise its key interest rate target twice, but the central bank kept it on hold last month, as it predicted growth would slow.

The province's unemployment rate dropped to 5.9 per cent last month, tying Saskatchewan for third lowest in Canada.

"Growth indicators for Canada have been decelerating, but you wouldn't know it looking at the labor market, where employers are still beefing up their workforce", Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said in a note to investors. It's the highest unemployment rate recorded in the Montreal region since April.

A 10.6 per cent drop in exports of motor vehicles and parts were offset in part by a 7.2 per cent increase in exports of energy products.

Leading the job growth in October was the "other services" category which gained 21,400 positions, while the construction industry gained 18,400 and information, culture and recreation industries added 15,300 jobs.

Statistics Canada also reported that the country's trade deficit totalled $3.2 billion in September, essentially unchanged from the previous month.


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