Canadian employers created another 34,300 jobs in October, but the unemployment rate remained at 7.1% as more people entered the labour force, Statistics Canada today.
The job growth numbers came in slightly above economists’ forecasts, which were calling for 29,000 new jobs.
So far this year, Stats Can said 190,000 jobs have been created.
October’s jobs report reflected the strength in retail sales, as 45,200 jobs were added in the retail and wholesale trade sectors. Most of that gain took place in Ontario.
Two-thirds of the new hiring was part-time workers.
Another 14,200 jobs were added in construction, bringing the year-to-date total to 56,000 new jobs. Much of the increase in construction hiring has taken place in the west.
Manufacturing lost 5,900 jobs. Total employment in factories has hardly budged from last year’s figure.
Stats Can said the new jobs created last month were all in the private sector; the size of the public sector workforce was unchanged.
“Canada just keeps churning out new jobs at an impressive pace,” wrote Sherry Cooper, BMO Nesbitt Burns chief economist, in a morning commentary.
She added that Bank of Canada “officials will no doubt be very impressed by the underlying strength in GDP (seen last week) and employment, which will only reinforce their view that ‘a further reduction in monetary stimulus will be required’.”