Canada Adds 44,000 Jobs in October, Unemployment Rate Unchanged

unemployment rate
  • Canada Adds 44,000 Jobs in October, Unemployment Rate Unchanged

Statistics Canada says the economy gained 44,000 net new jobs in October but the increase was entirely due to part-time employment.

The overall increase was driven by a gain of 67,000 part-time jobs for the month, while the number of full-time jobs fell by 23,000.

The unemployment rate held steady at 7.0 percent as more people entered the labour market. Economists had expected a loss of 10,000 jobs and the unemployment rate to remain unchanged, according to Reuters poll.

The increase in October follows a gain of some 67,000 jobs in September that saw additions in both part-time and full-time employment.

Statistics Canada also reported this morning that Canada’s trade deficit hit a record $4.1 billion in September due to the import of a component for the Hebron offshore oil project in Newfoundland and Labrador. Economists had expected a deficit of $1.7 billion for September.

Imports rose 4.7 per cent to a record $47.6 billion in the month, while exports climbed 0.1 per cent to $43.5 billion.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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