Canada jobs market blows past expectations with 108,000 gain
BNN Bloomberg
Canada’s labour market unexpectedly added 108,000 jobs in October as wage gains accelerated, potentially easing worries the economy is headed for a major slowdown.
The unemployment rate held steady at 5.2 per cent in October as labour force gains offset increased employment, Statistics Canada reported Friday in Ottawa. Total hours worked increased 0.7 per cent, the biggest gain since June. The employment gains beat estimates for a small 10,000 increase during the month.
The numbers add to a small gain in September and suggest the nation’s labour market has emerged from a slumber that saw employment fall over the summer, which had been stoking worries the economy may be heading into a recession. The strong labour report will now raise concern the labour market remains too tight and policy makers will need to reaccelerate efforts to slow demand.
The strength of the labour market will complicate the Bank of Canada’s job in trying to cool the economy. Policymakers led by Governor Tiff Macklem already viewed the jobs market as overheated even with months of losses observed earlier.
