The latest Statistics Canada Labour Force Survey is out, and it’s good news for the job market: the Canadian economy added 35,300 jobs in October.
The survey was especially positive when it comes to full-time work opportunities. In all, the economy added 88,700 full-time jobs last month while also shedding 53,400 part-time positions. Translation: there are more people working full-time, and fewer working part-time. On a year-over-year basis, the number of people working full time increased 2.7%, while part-time workers declined by 2.5%. Total employment increased by 308,000 jobs (or 1.7%).
The latest increase in full-time jobs comes after the economy added 112,000 new jobs in September, which according to the CBC, makes this the highest two-month period on record. It should be noted that despite all the good news, Canada’s unemployment actually rate rose in October, increasing from 6.2% to 6.3%.
Which provinces added the most new jobs?
Quebec led the way in October, adding over 18,000 new jobs. Full-time employment actually increased by more than 33,000 jobs, but this was brought down by a decline in part-time work opportunities.
Alberta added 12,000 new full-time jobs last month, but this is only a small increase (0.7%) over employment levels in the province last year.
Manitoba was next on the list, adding 4,000 new jobs in October and reducing the unemployment rate by 0.3 percentage points to 5.2%.
What industries are adding the most jobs?
The vague “other services” industry led the way in October, adding more than 21,000 new full-time jobs. According to Statistics Canada “other services” refers to services “such as those related to civic and professional organizations, and personal and laundry services.”
On the more tangible, understandable front, the construction industry added 18,400 new full-time jobs in October. This was followed by the “Information, culture, and recreation” industries, which added 15,300 jobs; manufacturing (7,800 new jobs); and agriculture (6,100 new jobs).
Looking at it on a year-over-year basis, the increases in the manufacturing industry are part of a sustained upward trend attributable to “subsectors such as electrical equipment, appliance, and component manufacturing.”
However, the fastest growing industry on a year-over-year basis was the “professional, scientific and technical services” industry, which added 85,000 new jobs, an increase of 6.1%.
The effect on the dollar
If you’re planning on traveling down south, the strong jobs report offered good news on the currency front: the loonie was up more than half a cent to 78.60 cents US.
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