Saturday, May 21, 2022

The Canadian economy lost 1800 jobs in October, unemployment steady at 5.5%


Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

Employment was stable last month in Canada and the unemployment rate held steady at 5.5%, according to Statistics Canada. Employment had increased in Canada in the previous two months.

Compared with 12 months earlier, employment increased by 443,000 or 2.4%, mainly due to an increase in full-time work.

Statistics Canada found that, in October, employment fell for core-aged men aged 25 to 54 and increased for those aged 55 and over.

It declined in the manufacturing and construction sectors, but grew in public administration, as well as in finance, insurance, and real estate and leasing.

The number of self-employed workers declined.

In Quebec, the unemployment rate increased by 0.2 percentage points from September to October, from 4.8% to 5%. Employment declined 0.2%, mainly because of a decline in full-time employment.

In New Brunswick, the unemployment rate rose from 8.3% to 8.1% from September to October and from 8.8% to 8.4% in Prince Edward Island. On the other hand, it jumped in Nova Scotia from 7.2% to 8%.

In Ontario, the unemployment rate remained stable at 5.3%.

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