1,500 jobs lost, but unemployment rate declines in September

12 Octobre, 2019, 16:56 | Auteur: Auguste Feret
  • Statistics Canada building and signs are

Futures are pricing in a six per cent probability of a rate cut at the central bank's meeting October 30, compared with about 22 per cent at the start of the week.

For a third consecutive month, the London area's jobless rate rose slightly in September - the result of more people looking for work, new Statistics Canada figures show.

The rise in employment dropped the unemployment rate to 5.5 per cent, from 5.7 per cent in August, near the lowest in the past four decades.

From a broader perspective, though, B.C. has posted gains of 33,400 jobs when September 2019 is compared with the September 2018 numbers.

Statistics Canada's monthly Labour Force Survey, released Friday, said the employment growth was led by big gains in health care and in the hotels-and-restaurants sector. This is also the second consecutive month of increases after the region added 4,100 new jobs in August, which broke a streak of six months of job losses. "Wage growth was really the missing ingredient in what looked like a pretty strong labour market backdrop previous year".

The agency said the country saw a rush last month of 49,400 new positions in services industries, but a drop of 21,000 jobs in the private sector - even though year-over-year private sector jobs is actually up.

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Employment has increased by more than 450,000 jobs, or 2.4 per cent, over the past 12 months.

"It's still an encouraging thing that unemployment is falling, and certainly it suggests we're not on the cusp of a serious downturn in the economy", Brown said.

"Canada's labor market seems to have been vaccinated against the global economic flu going around", Avery Shenfeld, chief economist at CIBC World Markets Inc., said in a note to investors.

Chief Economist and Managing Director of Economics Douglas Porter with the Bank of Montreal wrote that strong employment is not translating into strong spending and/or output gains.

"But it's maybe not quite what we would want to see if we could have our ideal jobs report". Likewise, the Ontario Progressive Conservatives - whom Liberal Leader Justin Trudeau has used as a foil during the federal campaign - also took credit for the 41,000 jobs created in the province in September. The province's unemployment rate now matches Quebec's as the lowest in the country.

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