Unemployment rate dips slightly in October

first_imgOTTAWA (NEWS 1130) – There was a slight dip in unemployment numbers last month.However, overall, Statistics Canada says there was little change. The unemployment rate fell 0.1 per cent to 5.8 per cent, .The rate edged back down to its four-decade low, as job growth was essentially flat and fewer people looked for work.In British Columbia, the jobless rate dropped to 4.1 per cent in October, from 4.2 per cent the month before. B.C. had the lower rate across the country, with Newfoundland and Labrador seeing the highest at 12.7 per cent.Jobs miss:“Employment was little changed in October” says Statscan. Consensus estimate was for a gain of 15,000. “The unemployment rate decreased 0.1 percentage points to 5.8% as fewer people searched for work.”— Richard Dettman (@rwdettman) November 2, 2018According to Statistics Canada, the country added 11,200 net new jobs in October, but the numbers were too low for the agency to consider them statistically significant.Economists had expected an increase of 10,000 jobs and an unemployment rate of 5.9 per cent, according to Thomson Reuters Eikon.The jobs report also says year-over-year average hourly wage growth, which is closely watched by the Bank of Canada, continued its steady decline in October to 2.19 per cent — its weakest reading since September 2017.Experts have expected wage growth to strengthen in the tightened labour market _ but it has dropped every month since May when it was 3.94 per cent.The report also says a dip in the labour force participation rate helped nudge the jobless rate down from its 5.9 per cent reading in September to match the reading’s 40-year low for the seventh time in last 12 months.last_img

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