Canada’s economy gains 43,100 jobs, jobless rate drops to 6.5%

Nov 07, 2014

The Canadian economy created an unexpectedly strong 43,100 jobs in October, all of them in the private sector and mostly full-time positions, pushing the unemployment rate to a six-year low.

Last month’s gains — when combined with growth of 74,100 in September — produced the largest two-month increase since March and April 2012, Statistics Canada said Friday.

The unemployment rate dropped to 6.5% in October, the lowest level since November 2008.

Full-time employment accounted for 26,500 of the positions created in October, while there were 16,500 more part-time workers. The private sector managed to produce 70,600 jobs during the month, with the public sector shedding 53,800 positions.

Alberta’s jobs market kept chugging along in October with a moderate but positive gain of 3,300 (new) jobs. But while the total number of jobs added last month was only moderate, what was more impressive was the quality of the new employment. There was a gain of 11,800 full-time jobs, offset by a loss of 8,500 part-time jobs. This suggests that better jobs are being created than the ones that are being eliminated, or that the part-time workers are moving into better paying full-time positions.

Since October 2013, there’s been a gain of 58,500 jobs—an increase of 2.6%. As well, the unemployment rate has hovered within a balanced band in the mid-four per cent range, suggesting Alberta remains one of the hottest job markets in the country.

 

Here’s what happened provincially (previous month in brackets):

  • Newfoundland 12.0 (12.7)
  • Prince Edward Island 9.2 (9.5)
  • Nova Scotia 8.6 (8.6)
  • New Brunswick 9.3 (9.6)
  • Quebec 7.7 (7.6)
  • Ontario 6.5 (7.1)
  • Manitoba 5.0 (5.3)
  • Saskatchewan 3.5 (3.5)
  • Alberta 4.5 (4.4)
  • British Columbia 6.1 (6.1)

More information can be found in original article.