Forex News

Canada October employment change 108.3K vs. 10.0K

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  • Prior report 21.1K
  • Employment change 108.3K vs 10.0K expected.
  • Unemployment rate 5.2% vs 5.3% expected. Last month 5.2%.. The record low was 4.9% reached in June and July
  • Full-time employment 119.3K vs 5.7K last month
  • part-time employment -11.0K vs 15.4K last month
  • participation rate 64.9% vs 64.7% last month. The cycle high came in at 65.4% in February and March 2022
  • year-over-year average hourly earnings rose to 5.5% from 5.2%
  • total hours worked increase by 0.7%. Urine year total hours worked are up 2.2%

other details:

  • private sector employees rose for the 1st time since March 2022 public-sector employees were little changed
  • Most of the employment gains in October occurred among private sector employees, whose ranks increased (+74,000; +0.6%) for the first time since March 2022. As of October, the number of private sector employees was 349,000 (+2.8%) above its pre-pandemic February 2020 level.
  • Following an increase in September, the number of employees in the public sector was little changed in October. Compared with February 2020, the number of employees in the public sector was up by 392,000 (+10.1%).
  • The number of people working in construction rose by 25,000 (+1.6%) in October
  • Employment rose by 24,000 (+1.4%) in manufacturing, largely offsetting the decrease of 28,000 (-1.6%) recorded in September.
  • The number of people working in accommodation and food services increased by 18,000 (+1.7%) in October, the first increase in the industry since May.
  • Employment in professional, scientific and technical services rose by 18,000 in October (+1.0%), the third increase in six months.
  • The number of people working in wholesale and retail trade declined by 20,000 (-0.7%) in October.

The Canadian jobs surged in the current month with its highest job gain since March 2022 when it search 336.6K. During July August and September, jobs declines totaled around 114K. This report reverses those job declines. Last month the job gain was 21.1 K. Overall a very strong report