Statistics Canada says economy lost 1800 jobs in October

Canadian Dollar Index Price Chart

Following the lackluster Canadian jobs report and housing data the probability that a Bank of Canada interest rate cut will be delivered at the central bank's next meeting jumped to 21.7%, which is noticeably from a 14.8% reading the day prior, according to overnight swaps pricing.

Canada's unemployment rate remained steady at 5.5 per cent. "The province created 15,300 jobs, more than any other province - the vast majority being full-time jobs", he said.

PRINCE GEORGE-Year over year stats show Prince George's unemployment rate climbing.

Scotiabank deputy chief economist Brett House said the October jobs numbers were the weakest since July, but added that one soft month won't have much impact on the Bank of Canada's stance, particularly after the strong gains in the two months that preceded it.

While the jobless rate has finally dipped below where it was just before the 2008-09 economic recession hit, other measures indicate the economy still hasn't quite fully recovered.

Canada's job market shed 1,800 jobs in October.

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"Year-over-year, B.C. added 50,000 more jobs, of which more than 40,000 were full time, and last week, Vancouver was named the top city in North America for tech-sector job growth".

The losses were offset in part by an increase of 20,000 jobs working in public administration and 18,000 in finance, insurance, real estate, rental and leasing. The decrease came as the local economy added 4,600 new jobs.

Unemployment in the region was recorded at 6.2% in September, with 2,600 unemployed.

"We continue to see a convergence coming from a further slowdown in employment, eventually leading the Bank of Canada to trim rates, and [Friday's] data could be the first step in that direction", he said in a research note.

The bright spot in the data is that average hourly wages rose 4.4 per cent, but CIBC economist Royce Mendes has reservations.

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