Canadian Employment Holds Steady in October; Unemployment Declines for Fifth Consecutive Month

Statistics Canada (StatsCan) reported today (11-5-21) that after returning to its pre-pandemic level in September, employment held steady in October. Employment increases in a number of industries, including retail trade (+72,000), were offset by declines elsewhere, including accommodations and food service (-27,000).

The unemployment rate fell -0.2 percentage point to 6.7% in October, a 20-month low and the fifth consecutive month of declines. The unemployment level is now within 1.0 percentage points of the February 2020 (pre-pandemic) rate of 5.7%.

For the second consecutive month, the construction industry experienced virtually no growth in October. Employment remains -43,000 below the recent high in March 2021. The recent periods of stagnant employment growth in the industry coincides with decline in investment in building construction from May to August.

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Original Source:
Labour Force Survey, October 2021