Canada Job Market Hot

Canada’s economy pumped out 35,000 new jobs in October nearly twice as many as economists were forecasting, Statistics Canada reported Friday, RCINet reported. The agency said the employment gains were driven by a rise in full-time positions which swelled by 88,700, while part-time employment dropped by 53,400 jobs, the second consecutive month of part-time job losses. The unemployment rate increased to 6.3%, up from 6.2% in September as more people joined the labor market in search of jobs. The biggest employment gains were for youths aged 15 to 24, with 18,000 more new full-time jobs. At the same time, their unemployment rate rose 0.8 percentage points to 11.1%, as more of them searched for work, the data agency said. The largest employment increase was in Quebec, followed by Alberta, Manitoba, Newfoundland and Labrador, and New Brunswick. At the same time, there was a decline in Saskatchewan, Statistics Canada reported.