OTTAWA — Defying economists’ predictions, Canada’s job market recorded strong growth for the second consecutive month. According to Statistics Canada, the country created 67,000 new jobs in October, leading to a decline in the unemployment rate by 0.2 percentage points to 6.9%.
This significant growth in October was primarily driven by the creation of 85,000 new part-time positions. Additionally, the private sector saw an increase of 73,000 jobs, marking its first surge since June. The services sector largely contributed to this growth, specifically in wholesale trade, retail sales, transportation, and warehousing. Notably, the province of Ontario, which has been affected by ongoing trade tensions, saw a rise of 55,000 positions.
The unemployment rate for young workers aged 15 to 24 also saw a positive movement, dropping by 0.6 percentage points to 14.1%. The average hourly wage increased by 3.5% on an annual basis. The Bank of Canada is closely monitoring this crucial employment data as it prepares to make its final decision regarding interest rates on December 10th.
