Canada Employment Climbs in October on Full-Time Surge

FSMNews

FSMNews

October's advance marked the 11th straight month of job gains, which is the longest streak in over a decade. The "leisure and hospitality" sector, however, added 106,000 jobs.

It's the first time the jobless rate has been above 6 per cent in London since June. Markets had expected the unemployment rate to remain unchanged. While Quebec added more jobs than any other province, 18,000, this was offset by an increase in the number of people looking for work.

Before the storm-related slowdown, the economy had added 208,000 jobs in August - a figure that benefited from another upward revision Friday. Still it is the second time since July that nonbank mortgage employment was down from the previous month. Nonbank mortgage employment fell by a similar amount in January from December.

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The U.S. economy added 261,000 jobs in October, according to the monthly jobs report from the Bureau of Labor Statistics.

Since the beginning of 2017, the unemployment rate has declined by 0.7 percentage point, and the number of unemployed persons has decreased by 1.1 million.

"After modest net job gains through the summer, October's strong result suggest there is still some life left in the economic upswing", Bank of Montreal chief economist Doug Porter.

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Additionally, flat average hourly earnings brought annual wage growth to 2.4 percent, a four-tenths payback from the solid gain of the prior month, when the hurricanes prevented many low-wage employees from working.

Almost all of the net new hiring was done at firms and organizations, as their payrolls rose 34,500, while the ranks of the self-employed - who tend to be independent contractors that aren't necessarily paid on a regular schedule - edged slightly upward.

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