Express News | Canadian wage growth continues to outpace inflation.
In Economics, Canada's October unemployment rate unexpectedly remained at 6.5%, exceeding expectations.
Canadian statistics show that in October of this year, Canada's unemployment rate was 6.5%, unchanged from the previous month, slightly lower than the market's expectation of a rebound to 6.6%, the highest level in almost 3 years in August. The number of unemployed people increased by 900 to 1.429 million. The net employment increased by 14,500 to 20.5969 million, but fell short of the market's expectation of an increase by 25,000 people. At the same time, the labor force participation rate decreased by 0.1 percentage point to 64.8% month-on-month, the lowest level since January 2021.
Canada Unemployment Rate Stays Unchanged at 6.5% Vs. 6.6% Expected
Canada's October new employment figures were lower than expected, with the unemployment rate remaining high.
Hotunginv November 8th｜Friday's data shows that Canada's employment increased by 0.0145 million in October, below the expected 0.025 million. The average hourly wage growth rate of long-term employees in October rose from 4.5% in September to 4.9%. The unemployment rate remained flat with September, hovering near a 34-month high. Due to high interest rates and inflation suppressing demand, despite record immigration driving continued labor force growth, Canada's business investment and recruitment have remained mediocre after four rounds of rate cuts, increasing the number of job seekers and continuing to decrease the employment rate. Since last year, Canada's labor force has increased by 2.4% in the economy.
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