Following an increase in September, employment in Canada declined by 54,000 in October, all in full time, according to a Statistics Canada report out today. October’s loss pushed the unemployment rate up 0.2 percentage points to 7.3%. Over the last year, total employment has risen by 237,000 (+1.4%). The bulk of the decline in October occurred in manufacturing, followed by construction.
Unemployment in Alberta bucked the national trend as it edged lower in October. The unemployment rate declined 0.3 percentage points to 5.1%. Compared with October 2010, Alberta has had the fastest rate of employment growth of all provinces, with an increase of 4.3%.
The unemployment rate in the Calgary census metropolitan area fell to 5.6% from 5.9% in September. In Edmonton, the unemployment rate inched up to 5.4%, up from 5.3% the previous month. (Source)
TD Bank: “Alberta has posted a string of six consecutive M/M employment increases. While numbers have moderated in recent months given the economic climate, the province remains our expected job growth leader for 2011-12.” (Source)
BMO (on Canada): “Canada’s employment picture had been a surprising success story in 2011, at least up until this nasty result for October. The pressing question now is whether this steep pullback represents a correction from that surprising strength, or the start of a new dismal trend? Given that the U.S. economy appears to be still plugging ahead, albeit gradually, we suspect the former. However, no question, this is an extremely loud warning shot for the economy. After a blistering first half of the year, the economy has created almost no net new jobs in the past four months—but note that almost the precise same pattern took place in 2010 as well, and growth finished last year solidly.” (Source)