Canada loses a little under 2k jobs in the economy in October

Published date: 08/11/2019

A miss on the Canadian jobs number this afternoon and the market has wasted no time in hitting the CAD off the back of the small loss of jobs in October.  Expectations were for close to 15k jobs to be added to the economy last month and looking at the breakdown of numbers, the losses all came in full-time jobs, losses of which amounted to a little over 16k, tempered by gains in part-time jobs to the tune of 14.3k.  

There was no change in the unemployment rate however, which remains at 5.5%, with the participation rate also unchanged at 65.7%.  

All in all, the data is a miss and with the BoC having highlighted the downside risks to the economy at last week's meeting, these figures are perhaps reflective of these risks, though recent employment reports have been particularly strong, so one month on their own should only do limited damage to the CAD near term.  



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