Following two months of
increases, Canadian job growth was virtually unchanged in October as small
increases in full-time employment were mostly offset by losses in part-time
employment. The Canadian unemployment rate held steady at 7.4 per cent.
The BC labour market took a step back in October as employment declined by
almost 11,000 jobs. BC firms shed 16,200 full-time jobs which were partially
offset by a small increase in part-time employment. Job losses were
concentrated in the manufacturing and health care sectors while gains were
realized in the construction, finance, insurance and real estate and
information and cultural sectors. In spite of net job losses, the BC
unemployment rate actually declined 0.3 points to 6.7 per cent due to a
significant decrease in the labour force.
In the United States, job growth beat expectations as 171,000 workers were
added to payrolls in October while September jobs numbers were revised
substantially higher. The US unemployment rate ticked 0.1 points higher
to 7.9 per cent as recent job growth has encouraged more people to enter the
labour force.
Copyright BCREA reprinted with permission
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