Statistics
Canada reported on Friday that the number of employed people rose by 31,200
m-o-m in October (or +0.2 percent m-o-m) after an unrevised increase of 157,100
m-o-m in the previous month. This was the smallest monthly gain in Canada’s
employment in five months.
Economists
had forecast an advance of 50,000 m-o-m.
Meanwhile,
Canada's unemployment rate dropped to 6.7 percent in October from 6.9 percent
in September, exceeding economists’ forecast for 6.8 percent. This was the
lowest rate since February 2020.
According
to the report, full-time employment increased by 36,400 (or +0.2 percent m-o-m)
in October, while part-time jobs edged down by 5,200 (or -0.1 percent m-o-m).
In
October, the number of public sector employees was unchanged (or 0.0 percent
m-o-m), while the number of private sector employees rose 69,500 (or +0.6
percent m-o-m). Meanwhile, the number of self-employed decreased by 38,200 (or
-1.4 percent m-o-m) last month.
Sector-wise,
employment rose in the services-producing sector (+0.2 percent m-o-m) but
declined in the goods-producing business (-0.2 percent m-o-m).