Canada Jobless Rate Falls to 3-Month Low of 5.8%

The unemployment rate in Canada decreased to 5.8 percent in October of 2018 from 5.9 percent in the previous month while markets had expected it to remain steady at 5.9 percent. It is the lowest jobless rate since July mainly due to a 18.2 thousand dip in labor force. The economy added only 11.2 thousand jobs in October, after an increase of 63.3 thousand in September and compared with market consensus of 10 thousand. Full-time hiring grew (+33.9 thousand) while part-time jobs fell (-22.6 thousand)
Statistics Canada | Luisa Carvalho | 11/2/2018 1:37:01 PM
Employment rose slightly in Saskatchewan (+2,500), while there was little change in all other provinces.

More people were employed in business, building and other support services (+22,000); wholesale and retail trade (+19,000); and health care and social assistance (+15,000). In contrast, there were fewer workers in "other services (-17,000);" finance, insurance, real estate, rental and leasing (-15,000); and natural resources (-7,100).

There were fewer public sector employees (-31,000) in October, while there was little change in the number of private sector employees and the self-employed.

Employment among people in the core-aged group (25 to 54) rose by 31,000 in October, led by gains among men (+18,000). Meantime, the number of workers aged 55 and over rose by 19,000, the result of more employed women in this age category.

On the other hand, employment for youths aged 15 to 24 aged 15 to 24 (-39,000), nearly all in part-time work.

Canada Jobless Rate Falls to 3-Month Low of 5.8%