Published: Sun, November 10, 2019
Markets | By Otis Pena

Canadian hiring turns negative in October - TD Securities

Canadian hiring turns negative in October - TD Securities

BRUCE Ralston, Minister of Jobs, Trade and Technology, reacting to the release of Statistics Canada's Labour Force Survey for October, pointed out: "Our economy remains resilient, with low unemployment, higher wages and positive job growth despite challenges both globally and here in Canada".

Statistics Canada said overall employment in Victoria increased by 3,500 positions.

Mendes says he expects the job market to weaken further - eventually leading to the Bank of Canada cutting interest rates.

Most of the new jobs were in westernmost British Columbia and the Atlantic island province of Newfoundland.

Almost 90 per cent of last month's job surge took place on the Ottawa side of the river, where 8,500 jobs were created, compared to 1,200 in Gatineau.

"Manufacturing has gone through a bit of turmoil the past few months around the world, so we want to keep an eye out for whether those jitters are starting to have an impact at home", he added.

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BC Liberals, on the other hand, said in a statement that British Columbia has lost nearly 10,000 jobs over the past five months and accused Premier John Horgan and his NDP government of having no jobs plan in sight.

"Strip out all of the public administration component and underlying job growth ... was down as much as 22,000 [positions]", Derek Holt, head of capital markets economics at the Bank of Nova Scotia, said in a client note.

As a result, Ottawa's jobless rate in October dropped to 4.2 per cent from 4.4 per cent.

Employment in the federal government was up a modest one per cent in October to 155,100 - representing 19.4 per cent of the region's total jobs.

Although, the Canadian unemployment rate held steady at 5.5% as expected and the year-over-year hourly wage rate for permanent employees ticked higher to 4.4% which topped the 4.2% estimate.

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