Economy Loses Jobs in October

Figures released Friday by Statistics Canada shows the job market stagnated unexpectedly in October, losing 1,800 net positions, while the unemployment rate remained at 5.5%. This, as employment declined in the manufacturing and construction sectors.

Analysts had forecast a gain of 15,900 jobs in October and an unemployment rate of 5.5%. Wages for permanent employees rose by 4.4%, according to the nation's number crunchers.

Canada lost 16,100 full-time positions last month, but gained 14,300 part-time jobs. The number of self-employed workers in October fell by 27,800.

Statscan said the services sector gained 39,000 jobs in October, with increases reported in public administration, as well as finance, real estate, insurance and rental leasing industries, while the goods-producing sectors saw a decline of 40,900 jobs on losses in manufacturing and construction.