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Economy sheds 1,800 jobs in October, unemployment rate stays steady

10 November 2019

The capital region's unemployment rate tumbled to 4.2 per cent in October from 4.4 per cent in September as employers on both sides of the river continued hiring at an aggressive pace.

Mendes says he expects the job market to weaken further - eventually leading to the Bank of Canada cutting interest rates.

"CAD rates outperformed sharply versus the USA following the data, and the poor print broadly fits with our theme of Canadian outperformance versus other developed markets".

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On a year-over-year basis, employment was up by 443,000, an increase of 2.4 per cent.

"Year-over-year, B.C. added 50,000 more jobs, of which more than 40,000 were full time, and last week, Vancouver was named the top city in North America for tech-sector job growth". He added: "We remain dedicated to supporting workers in these industries, especially those in forestry jobs".

The losses were offset in part by an increase of 20,000 jobs working in public administration and 18,000 in finance, insurance, real estate, rental and leasing.

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Building permits fell 6.5 percent in September following a rise of 5.6 percent in the previous month.

Canada's central bank, which has not moved since October 2018 even as its counterparts - including the U.S. Federal Reserve - have eased, held firm as expected last week, but left the door open to a possible future cut to help the economy weather the damaging effects of global trade conflicts. The data suggest that, with the jobless rate hovering near an historic low, a tight labour market has started to result in stronger wage gains. The unemployment rate in B.C.is again the lowest in the country at 4.7%.

BC Liberals said they feel concerned after the Business Council of British Columbia recently downgraded its economic outlook for the province from a GDP growth of 2 per cent, down to 1.8 per cent in 2019.

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Economy sheds 1,800 jobs in October, unemployment rate stays steady