Canada shads 1,800 new jobs in October; unemployment rate stays at 5.5 percent

Statistics Canada reported on Friday that the number of employed people reduced by 1,800 m-o-m in October, while economists had forecast a gain of 15,900 and after an unrevised climb of 53.700 in the previous month.

Meanwhile, Canada's unemployment remained unchanged at 5.5 percent in October, matching economists’ forecast.

According to the report, full-time employment decreased by 16,100 (or -0.1 percent m-o-m) in October, while part-time jobs rose by 14,300 (or +0.4 percent m-o-m).

In October, the number of public sector employees grew by 28,700 (+0.7 percent m-o-m), while the number of private sector employees declined by merely 2,700 (flat m-o-m). At the same time, the number of self-employed dropped by 27,800 (-0.9 percent m-o-m) last month.

Sector-wise, employment declined in manufacturing (-23,000 jobs) and construction (-21,000), but rose in public administration (+20,000) and in finance, insurance, real estate, rental and leasing (+18,000).

On a year-over-year basis, employment grew by 443,000 (+2.4 percent) in October, helped by gains in both full- (+338,000 or +2.2 percent) and part-time work (+104,100 or +3.0 percent).