Canada’s unemployment rate rose to 6.7 per cent in October as total employment slipped for a third consecutive month. Gains in public-sector jobs accompanied losses in private employment. Participation held steady over the month but remained below its year-earlier level, while unemployment among young people increased more sharply than the national rate.
Canada’s labour market stalled in October, with employment edging lower and unemployment rising. RBC Economics, the Canadian bank’s economic research arm, put the unemployment rate at 6.7 per cent, higher than the previous month. Total employment fell by 4,700 for a third consecutive monthly decline, although it remained 16,500 above its year-earlier level. Labour force participation was unchanged at 64.8 per cent, below its year-earlier level.[1], [2]
Private-sector employment declined by 52,500, while public-sector employment increased by 49,600. The public-sector gain was the first in five months and only partly reversed earlier losses, according to RBC. Full-time employment fell by 18,100 and part-time employment rose by 13,400. Goods-producing industries added 20,600 jobs, while services lost 25,300. Wholesale and retail trade accounted for a decline of 28,800 jobs, and transportation and warehousing lost 10,100.[1]
Unemployment among people aged 15–24 rose to 13.7 per cent. For those aged 25–54, the rate held at 5.6 per cent. Construction added 15,600 jobs, education 15,000, and health care and social assistance 14,100. RBC calculated annual average hourly wage growth at 2.24 per cent, down from 2.34 per cent in September.[1]
