Jobs
Canada Posts Job-Growth Shock With 10-Fold Gain Over Estimates
- Unemployment rate holds at 5.2%; wages gains accelerate
- Strong labor market complicates Macklem’s bid to cool economy
Average hourly wages are up 5.6% from a year earlier in Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada’s labor market unexpectedly added 108,000 jobs in October as wage gains accelerated, easing recession fears but complicating the central bank’s bid to cool the economy.
The unemployment rate held steady at 5.2% in October as labor force gains offset increased employment, Statistics Canada reported Friday in Ottawa. Total hours worked increased 0.7%, the biggest gain since June. The employment gains beat estimates for a small 10,000 increase during the month.