Jobless Rate Jumps Over 1% In October


Windsor's unemployment rate is up almost two per cent compared to past year, according to data released by Statistics Canada on Friday.

Over the past 12 months, employment is now up 1.7 per cent, or nearly 310,000 jobs.

The data reveals the expected slowing of Canada's labor market has yet to materialize, potentially casting some questions about whether the Bank of Canada can continue to maintain a wait-and-see strategy toward raising interest rates.

By industry, the "other services" category led the growth in jobs with a gain of 21,400 positions, while the construction industry gained 18,400. That boosted the national unemployment rate to 6.3%, up 0.1%.

Doug Porter, chief economist at BMO Capital Markets, said the Bank of Canada would be "mildly encouraged" by the increase in year-over-year wage growth.

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In New Brunswick, employment rose by 2300 in October, and the unemployment rate remained stable at 7.8 %.

Employment grew by 35,000 in October in the country.

The job gains - which more than doubled economists' forecasts - suggest the economy may be poised to end the year with a bang.

The Canadian economy added more jobs than expected in October as wages posted their biggest gain in 18 months, a sign that labor market slack could be tightening despite strong employment growth over the past year. However, employment decreased in Saskatchewan. This marked the first time in a year and a half that average hourly wages rose 2% or more on an annual basis for two consecutive months. During the same period, the total number of hours worked rose 2.7 %.