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Employment was little changed in October after significant declines in the previous two months, Statistics Canada reported. The larger pool of job seekers pushed the unemployment rate to its highest level since April. The employment rate, which measures the number of employed people as a percentage of the total working age population, dropped to 60.5 per cent, also the lowest since April. (The Logic)
Talking point: Like recent figures on economic output, the latest employment numbers raise questions about the Bank of Canada’s assessment that economic growth is picking up. Average hourly wages were 2.2 per cent higher in October than a year earlier, slower than inflation. Only 18.9 per cent of unemployed people in September found a job in October, compared with a pre-pandemic job-finding rate of around 25 per cent in the same months between 2017 and 2019. Canada’s job market is now low-hire, low-fire. That provides stability, but no momentum.
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