Statistics Canada says the nation’s unemployment rate dropped to 5.8 per cent, matching a four-decade low. Victoria’s unemployment rate is unchanged at 3.9 per cent. File photo.
Job growth in October in Canda brought the country’s unemployment rate back to its four-decade low of 5.8 per cent, but wage growth continues to decline.
Statistics Canada says more than 11,000 jobs were added to the economy last month including 33,900 full-time positions.
According to Thomson Reuters Eikon, the numbers are better than expected after a forecast increase of 10,000 jobs and an unemployment rate of 5.9 per cent.
But the average hourly wage growth, which is closely watched by the Bank of Canada, continues its decline to 2.19 per cent in October, the weakest reading since September 2017.
Wage growth has gone down steadily since may when it was at 3.94 per cent, although experts had expected it strengthen in a tightened labour market.
Victoria’s unemployment rate remains the lowest in B.C. at 3.9 per cent in October, unchanged from the month before.
The jobless rate in B.C. ticked down by a tenth to 4.1 per cent compared to 4.2 per cent in September.
The report said participation rate was down by two-tenths of a per cent in October which helped nudge the overall jobless rate down from it’s 5.9 reading in September.
With files from the Canadian Press.
CHEK News
