Canada's Unemployment Rate Dips On Boom In Part-Time Work
Canada's Unemployment Rate Dips On Boom In Part-Time Work
A worker walks on a construction site in Hamilton on Nov. 14 2013. THE CANADIAN PRESS Aaron Lynett
08 October, 2018, 01:19
Statistics Canada on Friday reported a gain of 63,300 jobs in September and said the jobless rate had edged down to 5.9 percent from 6.0 percent in August.
"Canadian employment surged 63K in September according to the Labour Force Survey, above consensus which was looking for a 25K print". Market expectations were for an increase of 25,000.
The job gains were also nearly entirely in Ontario and British Columbia, with most other provinces fairly static.
On an industry basis, more people are working in construction - up 28,000 positions in September, offsetting declines in the previous two months - agriculture, finance, insurance, and real estate.
He made note that hourly earnings growth has slowed to 2.2 per cent from 2.6, year-over-year, in August.
Greater Victoria's unemployment rate tightened to 3.9 per cent last month from 4.3 per cent in August as the construction and health-care sectors added jobs. "The Survey of Employment, Payrolls and Hours (SEPH), a survey of establishments is showing a much better picture in 2018 (+202K for the 7 first months of the year vs. 74K for a comparable gauge based on the LFS)".
The country's unemployment rate is almost double what our neighbours to the south have reported, as the United States' rate fell from 3.9% to 3.7% in September.
"The wild ride that is the Labour Force Survey continued in September", CIBC senior economist Royce Mendes wrote. Year-over-year, the province has created 3,300 new jobs, largely driven by growth in the private sector, according to a news release from the government.
Full-time employment dropped by 16,900 jobs while part-time positions rose by 80,200.
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