Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

"While one single jobs report will not sway the Bank of Canada, officials will no doubt be encouraged by the moderate wage uptick, and the robust private-sector and full-time job gains", Porter wrote in a note to clients.

The unemployment rate rose as 800 people were added to the labour force while 1,300 jobs were lost.

The unemployment rate is now 6.9 per cent, up from September's number by 1.1 per cent.

It's the first time the jobless rate has been above 6 per cent in London since June.

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The economy added 35,300 jobs in October but the unemployment rate crept higher, with more young people looking for work, Statistics Canada said Friday.

Since January, unemployment in the USA has fallen by seven tenths of a percentage point, and more employers say positions are increasingly hard to fill amid a scarcity of qualified labor.

Since January of this year, unemployment in the USA has decreased by seven tenths of a percentage point.

While job creation showed a rebound from hurricane season, the October result didn't meet analysts' expectations that the report would easily top 300,000 jobs.

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The October report was "underwhelming", Fannie Mae Chief Economist Doug Duncan said in a press release. Futures were little impacted by the data, which also showed the unemployment rate dip to 4.1% from 4.2%, hitting the lowest level since December 2000.

Wages pressures in October were flat, however, with average hourly earnings falling by a penny to $26.53.

Economists had predicted the wage rate would rise by 0.2 percent.

Almost all of the net new hiring was done at firms and organizations, as their payrolls rose 34,500, while the ranks of the self-employed - who tend to be independent contractors that aren't necessarily paid on a regular schedule - edged slightly upward.

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