Unemployment rate unchanged at 6.5%
Canada’s unemployment rate was unchanged in October at 6.5 per cent, while job growth was little changed from the previous month, Statistics Canada said on Friday.
The economy added 14,500 jobs last month, about half of what economists were expecting.
The jobs were driven by full-time employment, with more people employed in business, building and other support services, and fewer in finance, insurance, real estate, rental and leasing, and public administration.
Total hours worked were up 1.6 per cent year over year, while average hourly wages rose 4.9 per cent from the same time last year, up $1.68 to $35.76 an hour.
The youth employment rate rose for the first time since April, but still declined 2.7 percentage points on a yearly basis.
Size of next rate cut still up for debate, says economist
Canada’s business investment and hiring has been muted even after four rounds of rate cuts. High interest rates and inflation have throttled demand, even as the labour force has continued to grow, fuelled by record immigration.
This has increased the number of people seeking jobs and not landing any, resulting in a steady fall in the employment rate, or the number of people in the total labour force who were employed.
Canada’s labour force has swelled by 2.4 per cent since last year, flooding the economy with workers. But the employment rate has consistently shrunk, with October showing a further decline to 60.6 per cent from 61.9 per cent a year ago.
“With one more employment report before the Bank’s next interest rate decision, today’s release was never going to close the book on the 25 vs. 50 [basis-point] cut debate,” wrote CIBC economist Avery Shenfield in a note to clients.
“The mixed nature of today’s data didn’t help, but we continue to lean towards another 50 [basis-point] move.”
After the rate cut decision last month, Bank of Canada governor Tiff Macklem said that layoffs had remained modest but business hiring had been weak, and that has hit young people and newcomers to Canada.
Macklem expressed hope that continued rate cuts would help grow the economy and increase employment.
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