October marks another month of job growth
Statistics Canada reported on Friday morning that the Canadian economy added 35,300 jobs in October, marking the 11th straight month of job growth. The number was a pleasant surprise to economists who expected growth of around 15,000.
While 53,400 part-time jobs were lost last month, the gain is thanks to the addition of 88,700 full-time jobs.
October’s addition of full-time positions follows in the footsteps of September's full-time growth of 112,000. According to bank of Montreal economist Doug Porter, the combination of September and October’s numbers marks the highest two-month full-time job growth period on record.
"After modest net job gains through the summer, October's strong result suggest there is still some life left in the economic upswing," said Porter.
Several provinces saw growth, while others experienced job losses. Quebec lead the pack with 18,400 added jobs, followed by Alberta, Manitoba, and Newfoundland and Labrador, adding 11,900, 4,000, and 3,400 jobs respectively. On the flip side, British Columbia saw a decline of 6,100 jobs, Saskatchewan 4,000 and Prince Edward Island 500.
In terms of which industries made the biggest impact, the “other services” sector saw the most growth, adding 21,400 positions, with the construction and the cultural and recreation industries adding 18,400 and 15,300 jobs apiece. Those gains were offset however to the loss of 35,900 jobs in the wholesale and retail sector.
Even though the economy saw substantial full-time job growth, the unemployment rate rose to 6.3%, signifying that many people may be in the market and looking for new job opportunities.