Unemployment rate increases in Windsor

Canadian Dollar Index Price Chart

According to Stats Canada, October's rate was at 5.9 percent, an increase of over a point compared this time previous year, with the rate at 4.8 percent.

The unemployment rate increased to 6.7 per cent in October, compared to 6.2 per cent in September.

"We, however, don't put too much stock in the above-4 per cent wage reading, given that it's coming off of a strangely slow year last year and tends to be very volatile", he said in a note.

It's unlikely that October's Labour Force Survey will encourage the Bank of Canada to cut interest rates, economists said. "The province created 15,300 jobs, more than any other province - the vast majority being full-time jobs", he said.

Most of those manufacturing jobs lost were in Ontario, where employment was weakest in October - losing 16,000 jobs overall.

Nationally, the economy shed 1,800 jobs.

Construction led the way in hiring, adding 4,400 jobs in October, while employment in education and hotels & food services was up 2,500 and 2,200 respectively.

"We also recently announced the addition of an Export Navigator adviser dedicated to helping Indigenous small businesses around the province grow by reaching new markets".

The report said that employment fell by 1,800 jobs in October after an increase of 53,700 jobs in the previous month. The data suggest that, with the jobless rate hovering near an historic low, a tight labour market has started to result in stronger wage gains. In September, the percentage of working-age Canadians (15 to 64) who were employed hit a record of 74.7 per cent.

Royce Mendes, senior economist at Canadian Imperial Bank of Commerce, noted how job growth has outpaced other key indicators over the past year, such as gross domestic product. The unemployment rate in B.C. was little changed at 4.7%, the lowest in Canada.



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