Economy blows past expectations with 35000 jobs in October

CANADIAN UNEMPLOYMENT IN OCTOBER

Economy blows past expectations, creates 35000 jobs in October

The Canadian economy continued to churn out more jobs in October even amid forecasts that economic growth is slowing in the second half of the year.

The economy added 35,300 jobs in October but the unemployment rate crept higher, with more young people looking for work, Statistics Canada said Friday.

It's the first time the jobless rate has been above 6 per cent in London since June.

That's one per cent less than where it was in October 2016.

The workforce grew by 4,700 people between September and October, as 1,000 jobs were lost. Hours worked rose 2.7 per cent from a year earlier, the biggest gain since August 2011, while wages are now growing faster than the average since the recession.

Saskatchewan continues to move the dial when it comes to jobs in Canada.

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Statscan said full-time employment jumped by 88,700 jobs while part-time positions dipped by 53,400.

Employment for youth - an area that Poloz has given particular emphasis - increased by 17,500 with the participation rate for that group up by 1 percentage point to 63.7 percent.

Leading the job growth in October was the "other services" category which gained 21,400 positions, while the construction industry gained 18,400 and information, culture and recreation industries added 15,300 jobs.

The jobs figures came as Statistics Canada also reported that the country's trade deficit totalled $3.2 billion in September, essentially unchanged from the previous month which was revised to a deficit of $3.2 billion compared with an initial estimate of $3.4 billion.

The Canadian dollar quickly rose to C$1.2728 against the greenback, or 78.57 US cents, up from C$1.2829, or 77.95 USA cents before the report was released.

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