Statistics Canada says economy lost 1800 jobs in October

Statistics Canada says economy lost 1800 jobs in October

Economists had expected employment to rise by about 14,700 jobs.

Unemployment in Northeast B.C. remained unchanged in October at 6.2%.

Canada's job market shed 1,800 jobs in October.

However, he noted that key metrics "reflect a very healthy underlying employment picture, and that is what the Bank of Canada will focus on, not a one-month wobble in jobs".

The report indicates both Calgary and Edmonton still have among the highest unemployment rates in major Canadian cities at 7.2 per cent and 7.1 per cent respectively.

Ontario accounted for most of the roughly 23,000 manufacturing positions that were lost in the month.

The Canadian Dollar (CAD) is coming under heightened selling pressure following the latest data on Canada's economy - specifically its labor and housing markets.

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Employment in the federal government was up a modest one per cent in October to 155,100 - representing 19.4 per cent of the region's total jobs.

Moreover, wage growth continues to run strong. The number of self-employed workers in October fell by 27,800.

"We also recently announced the addition of an Export Navigator adviser dedicated to helping Indigenous small businesses around the province grow by reaching new markets".

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

"It would be pretty surprising to see Canada maintain that [annual rate of hiring] for a sustained period, particularly given the pace of population aging", Mr. Bernard said.

BC Liberals said they feel concerned after the Business Council of British Columbia recently downgraded its economic outlook for the province from a GDP growth of 2 per cent, down to 1.8 per cent in 2019.

The gains helped push the unemployment rate down 0.1% to 4.7% - taking back the country's lowest unemployment rate from Quebec.

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