Looking "under the hood" of the Canada jobs report revealed even bleaker details with a decrease in full-time employment to the tune of -16.1K jobs. Analysts had expected jobs to rise by 15,900. Canadian net change in employment for October came in at a disappointing -1.8K print for the headline figure which was a big miss compared to the median economist estimate of +10.0K. We still expect the Bank of Canada to cut rates in January, but the state of the labour market is the least of their worries.
Nationally, the economy shed 1,800 jobs.
Statistics Canada said the economy lost 1,800 jobs in October, following gains of 54,000 jobs in September and 81,000 in August.More news: Saudi Aramco releases preliminary IPO prospectus
However, he noted that key metrics "reflect a very healthy underlying employment picture, and that is what the Bank of Canada will focus on, not a one-month wobble in jobs". The province created 15,300 jobs, more than any other province - the vast majority being full-time jobs.
The manufacturing sector lost 23,000 jobs, mostly in Ontario, while the construction sector lost 21,000.
The Canadian Dollar (CAD) is coming under heightened selling pressure following the latest data on Canada's economy - specifically its labor and housing markets.More news: Thousands gather to celebrate Japan's Naruhito enthronement
The losses were offset in part by an increase of 20,000 jobs working in public administration and 18,000 in finance, insurance, real estate, rental and leasing.
Employment in the federal government was up a modest one per cent in October to 155,100 - representing 19.4 per cent of the region's total jobs.
"Hourly wages increased last month by $0.25 to $28.35, among the highest wage growth across Canada". The number of self-employed workers in October fell by 27,800. The data suggest that, with the jobless rate hovering near an historic low, a tight labour market has started to result in stronger wage gains.More news: Germany marks 30th anniversary of Wall's end