Canada's job market produces another surprise gain in September

Daniel Fowler
October 13, 2019

According to Statistics Canada figures released Friday, the labour force in the province comprised almost 616,000 people last month.

Despite the overall losses in jobs, B.C.'s unemployment rate also fell 0.2 percentage points to 4.8 per cent as potential job-seekers left the workforce.

"Hot dog. We're running out of superlatives to describe Canadian job market performance", TD senior economist James Marple said in an investors note, referring to the national numbers.

Futures are pricing in a six per cent probability of a rate cut at the central bank's meeting October 30, compared with about 22 per cent at the start of the week. Wages for permanent employees rose 4.3% year-over-year.

On a year-over-year basis, the country's employment grew with 456,000 new positions, or 2.4 percent. Much of the gains were driven by Ontario (+41,000 jobs) as the country's unemployment rate fell 0.2 percentage points to 5.5%.

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Even though year-over-year private-sector jobs were up, the month-over-month numbers for private-sector employment were down by 21,000.

Young workers aged 15 to 24 years old saw drops in the ranks of full- and part-time workers, inching their unemployment rate to 11.9 per cent, not all that dissimilar from the same time one year ago.

Saskatchewan reported year-over-year increases in educational services (up 3,900 jobs), manufacturing (an increase of 3,600 jobs) and other services (up 3,200 jobs).

The largest drop in industry work came in natural resources with 7,000 jobs being lost.

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