Victoria has lowest unemployment rate in Canada, StatsCan says

Reuters

In the 12 months leading up to October, Stats Canada reports a 0.7 per cent drop in unemployment in Canada.

Despite adding jobs, Canada's unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September.

On a year-over-year basis, employment rose by 308,100, or 1.7 percent, while the six-month average for employment growth was 29,700 jobs, up from 24,300 in September.

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Statistics Canada says the Canadian economy added 35,300 jobs in October 2017, but the unemployment rate still increased as more young people looked for work.

The report poses a dilemma for Bank of Canada Governor Stephen Poloz, who has indicated he'll be cautious on raising interest rates.

Canada's unemployment rate rose 0.1 percentage points to 6.3 percent in October, the government statistical agency said Friday.

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The unemployment rate in western Alberta held steady at 5.8 per cent last month.

CIBC chief economist Avery Shenfeld called the jobs report "a bit of an incongruity" amid the other economic data that have been pointing to a slowing of growth in the third quarter. "And a year ago we had an unemployment rate of 5.8 per cent or close to 4,000 people looking for work".

There were 18,400 new jobs created in the construction industry, while the number of jobs in information, culture and recreation swelled by 15,300.

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The jobs figures came as Statistics Canada also reported that the country's trade deficit totalled $3.2 billion in September, essentially unchanged from the previous month which was revised to a deficit of $3.2 billion compared with an initial estimate of $3.4 billion. London's labour participation rate sits at 59 per cent, below the provincial average of 64.8 per cent and the national average of 65.7 per cent. Saskatchewan lost 4,000 jobs in October.

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