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Canadian employment up in October; unemployment rate dips

Posted on February 5, 2018 by Circle Mortgage Team

Canadian employment surged by 44,000 in October 2015, which was above mar- ket expectations for a 10,000 increase although with much of the gain appearing to be the result of temporary hiring for the October 19, 2015 federal government election.

 The October gain built on 12,000 increases in both August and Septem- ber. 35,000 of the increase in September were in part-time positions with full- time employment up 9,000. Public employment rose by 31,000, although private employment jumped by 41,000, with the offset from a 27,000 drop in self- employment in the month.

The unemployment rate dipped to 7.0% after rising to 7.1% in September from 7.0% in August. The dip in October was despite a rise in the labour force, with the participation rate increasing to 66.0% from 65.9% in September. Hourly wages for permanent employees rose by 2.8% from a year ago, which was unchanged from September’s pace.

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