Canada lost jobs in October, unemployment rate steady at 5.5%

MarketDeal24.Com – Canada’s bureau of statistics said on Friday that country’s economy lost, 1,880 jobs last month (October). The current unemployment remained steady at 5.5%.

The analysis about the said situation was predicting a gain of 15,900 jobs in October and an unemployment rate of 5.5%. Wages for permanent employees, however, rose by 4.4%, Statscan said.

Canada lost 16,100 full-time positions last month, but gained 14,300 part-time jobs. The number of self-employed workers in October fell by 27,800.

After the release of the job data, the Canadian dollar plunged to a three-week bottom of $1.3232 against the U.S. dollar, or 75.57 cents U.S.

About the gravity of the situation, chief economist at BMO Capital Markets Doug Porter said, “It definitely runs against the grain of very strong job gains we’ve seen through most of the past year.” See More ....