November 8, 2019 / 1:48 PM / 9 days ago

Instant View: Canada loses net 1,800 jobs in October, jobless rate stays at 5.5%

TORONTO (Reuters) - Canada’s economy lost a net 1,800 jobs in October, entirely in full-time work, Statistics Canada said on Friday. The jobless rate held at 5.5%. Employment in the goods producing sector fell by a net 40,900 jobs, largely in manufacturing and construction. The services sector grew by a net 39,000 positions, mostly in public administration, as well as finance, insurance, real estate, rental and leasing.

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COMMENTARY

DEREK HOLT, VICE PRESIDENT OF CAPITAL MARKETS ECONOMICS AT SCOTIABANK

“It was weaker than the headline. Take out the election effect that at most was probably about 20,000, if we take all of the public admin component, you probably had a true figure that was closer toward a 22,000 drop. So generally speaking details were weaker than the headline.”

“I don’t think one number will move the needle a whole lot at the Bank of Canada but at the margin it’s a little bit more of a cautious signal. The problem is you had such a torrid pace of job growth over August and September that I think they would need more evidence that momentum is turning in the other direction.”

Reporting by Fergal Smith; Editing by Denny Thomas

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