Canada adds 11,200 jobs, unemployment rate dips

04 November, 2018, 17:01 | Author: Brooke Harris
  • The unemployment rate is down 1.5 percentage points from September

London's jobless rate is hovering near an all-time low after Statistics Canada reported on Friday the unemployment rate fell to 4.9 per cent in October, down from 5.2 per cent the month before.

Past year at the same time, the unemployment rate was 5.3 per cent.

The province gained 2,500 positions in October, split between 1,600 full-time and 900 part-time jobs, pushing the unemployment rate down to 6.2 per cent from 6.4. Thomas area was 4.9 per cent in October, down from 5.2 in September.

And the average year-over-year wage growth of permanent employees - a figure closely watched by the Bank of Canada - fell to just 1.9 per cent, the lowest since the 1.7 per cent recorded in August 2017.

This marks the eighth consecutive month in which the unemployment rate has been below five per cent, usually a sign of a healthy economy.

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However, the drop is being overshadowed by the lack of job growth cross-country.

While employment rose slightly in Saskatchewan, it was relatively steady in most other provinces.

Compared with 12 months earlier, national employment was up 1.1 per cent following the addition of 205,900 positions, including 173,000 full-time jobs.

October's numbers mean the economy has added nearly 206,000 new jobs in the past year.

The report said participation rate was down by two-tenths of a per cent in October which helped nudge the overall jobless rate down from it's 5.9 reading in September.

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