Jobs miss keeps door open for Bank of Canada to cut rates

Cornelia Mascio
Novembre 9, 2019

The Canadian job market unexpectedly held steady in October, losing 1,800 net positions, while the unemployment rate remained at 5.5 per cent, Statistics Canada said on Friday, as employment declined in manufacturing and construction. BC's October unemployment rate is 4.7, down from just over 5 percent in October of 2018, and the lowest in the country. Wages for permanent employees rose by 4.4%, Statscan said.

Canada lost 16,100 full-time positions last month, but gained 14,300 part-time jobs.

The Canadian Dollar Currency Index is now trading -0.41% lower on the day subsequent to the data release.

"We have to be cautious about reading too much into any one report, but it shows that the economy is not simply on a one-way trip north here", Porter said.

New numbers from Statistics Canada set the unemployment rate in Windsor at 6.7 per cent for October - up from 6.2 per cent in September.

The manufacturing sector lost 23,000 jobs, mostly in Ontario, while the construction sector lost 21,000. The Bank of Canada has said it will monitor "the extent to which the global slowdown spreads beyond manufacturing and investment", going forward while also keeping an eye on domestic data.

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