Canadian economy lost 1,800 jobs in October, unemployment rate steady at 5.5%

Canadian Dollar Index Price Chart

At 10:22 a.m. (1522 GMT), the Canadian dollar was trading 0.4% lower at 1.3222 to the greenback, or 75.63 US cents.

Statistics Canada said overall employment in Victoria increased by 3,500 positions.

The unemployment rate was 5.5 percent in October, unchanged from September and in line with economist estimates.

"In the big three categories of job growth, wages and unemployment, B.C. performed exceptionally well in the month of October".

"On details, the mix of full-time and part-time jobs changes was poor", House said.

According to Stats Canada, October's rate was at 5.9 percent, an increase of over a point compared this time previous year, with the rate at 4.8 percent.

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Following the lackluster Canadian jobs report and housing data the probability that a Bank of Canada interest rate cut will be delivered at the central bank's next meeting jumped to 21.7%, which is noticeably from a 14.8% reading the day prior, according to overnight swaps pricing.

The bright spot in the data is that average hourly wages rose 4.4 per cent, but CIBC economist Royce Mendes has reservations.

The province saw notable losses in health care and social assistance (-15,200 jobs), manufacturing (-8,300 jobs), natural resources (-9,800 jobs) and construction (-4,400 jobs).

One of the industry sectors that slipped in October was professional services, where employment contracted by 2,000.

On a year-over-year basis, employment was up by 443,000, an increase of 2.4 per cent. The national rate also held steady at 5.5 per cent.

The number of self-employed workers decreased by 28,000, while the public sector added 29,000 jobs, continuing an upward trend that started in January.

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