Canadian Monthly Labor Statistics Mixed
November 7, 2008
Canada added 9.5 thousand jobs in October, including 47.5K full-time positions. Analysts had looked for a similar-sized decline following September’s surprising 106.9K leap in employment. However, much of the job growth last month stemmed from needs to administer parliamentary elections. Public-sector jobs went up by 30.1K and accounted for 39% of the 223K increase in all jobs during the year to October. Factory jobs, on the other hand, dropped 8.6K in October and by 47.3K, or 2.3%, in the year to October. Construction jobs slid by 8.8K but were still 106.6K greater than in October 2007. Canada’s jobless rate ticked higher to 6.2% from 6.1% throughout the third quarter. Over the past 12 months, jobs in Canada grew by 1.3%, while those in the United States likely fell 0.6%, assuming a drop of 225K in October. The U.S. trend will get worse, but so will Canada’s. Pressure on hourly wages in Canada, which rose 4.3% y/y in both September and October, will be alleviated as a result. Such will drop below 4%, a pace reached or exceeded in every month but one since August 2007.
Tags: Canadian Dollar
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