Canadian Employment Increases in October; Unemployment Holds Steady at 5.2%

Statistics Canada (StatCan) reported today (11-4-22) that employment rose in Canada by 108,000, or 0.6%, in October. The increase helped to offset the losses reported from May to September.

Employment increased in several industries, led by construction adding 25,000 jobs (1.6%), manufacturing adding 21,000 new positions (1.4%), and accommodations and food services with 18,000 new jobs (1.7%). On the other hand, employment declined in wholesale and retail trade, as well as in natural resources.

After declining in September, the unemployment rate held steady at 5.2% in October. That is just 0.3 percentage points above the record low of 4.9% reported in June and July of this year. The adjusted unemployment rate—which includes people who wanted a job but did not look for one—was virtually unchanged at 7.1% in October.