Canada’s labour market added 108,000 jobs in October as the unemployment rate stayed
unchanged at 5.2%.
The October employment growth beat economists’ forecasts for just 10,000 new jobs in the
month.
Statistics Canada also reported that total hours worked increased 0.7% during October, the
biggest monthly gain since June of this year.
The latest jobs report suggests that Canada’s labour market has bounced back after
employment fell over the summer.
The strength of the labour market could lead the Bank of Canada to continue its aggressive
interest rate hikes to lower inflation.
All the new employment in October was in full-time work, boosting year-over-year gains to
472,000. Job gains were broad-based and led by the construction sector that added 24,600 jobs
in the month.
Average hourly wages were up 5.6% in October from a year earlier, advancing from 5.2% in
September.
October was the fifth consecutive month of above 5% year-over-year growth in average hourly
wages.
