Canada adds 13,200 jobs in October
The Canadian economy added 13,200 jobs in October, according to the federal statistics department. The rate of job creation was similar to the prior month, when employers added 11,900 payrolls. The unemployment rate remained 6.9 percent after unexpectedly dropping the prior month, official government data showed.
Canada has added 214,000 jobs since October 2012, a gain of 1.2 percent. The number of hours worked increased 1.4 percent over the same period. Job growth was led by accommodation and food services, healthcare and public administration. Employment declined in business and support services. Public sector employment expanded, despite ongoing federal government layoffs.
Provincially, Quebec registered the largest gain, having added 34,000 full and part-time workers in October. Quebec’s unemployment rate remained 7.5 percent. The small Atlantic provinces of Newfoundland and Labrador and Prince Edward Island also reported job gains. The unemployment rate fell 0.7 percent to 3.6 percent in Saskatchewan, the lowest of all Canadian provinces. Saskatchewan is becoming a major economic player in Canada; 95 percent of all goods produced in Saskatchewan are sourced within the prairie province, including grains, livestock, commodities and energy.
One of Canada’s biggest challenges is youth unemployment, which rose half a percent to 13.4 percent in October. The spike is mostly due to more young Canadians entering and re-entering the labour force. Youth and new graduates face barriers entering the workforce, and are more likely to be unemployed and underemployed. The failure to integrate more youth into meaningful jobs has contributed to a widening skills and labour shortage in various industries. However, employment among the 15 to 24 demographic has risen 1.6 percent over the past 12 months.
The Canadian economy has stumbled for most of the year due to global volatility and uncertainty south of the border. Sluggish growth in emerging markets has reduced demand for Canadian exports, which has harmed the True North’s job market. At the same time, Canada is heavily dependent on the United States, which represents three-quarters of its export market. Canada’s job market and overall economic prosperity will depend in large part on the pace of recovery south of the border.
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