Local unemployment rate steady but high

Woman looking through a filing cabinet. GETTY IMAGES  Raphye Alexius

Woman looking through a filing cabinet. GETTY IMAGES Raphye Alexius

Nationally, the unemployment rate edged back down to its four-decade low of 5.8 per cent last month as job growth was essentially flat and fewer people searched for work.

In a note to clients Friday morning, CIBC senior economist Royce Mendes wrote how the "fairly unremarkable near-consensus 11K gain" was a "surprise", given recent wild swings in data from the labour force survey this year.

Across the province of Quebec, the unemployment rate was 5.2 per cent in October, while the national unemployment rate was 5.8 per cent.

While London's jobless rate is low, so is the labour participation rate. The unemployment rate fell 0.1 per cent to 5.8 per cent, .

Analysts in a Reuters poll had forecast a gain of 10,000 positions and for the jobless rate to remain at 5.9 per cent. July marked the last time the rate hit 5.8 per cent, equalling a 40-year-low. The number of new jobs was low at 11,200 and the average wage dropped to its lowest since late 2017.

Experts have expected wage growth to strengthen in the tightened labour market _ but it has dropped every month since May when it was 3.94 per cent.

The biggest decreases came on the east coast, led by Newfoundland and Labrador, Prince Edward Island and New Brunswick.

Last week, the Bank of Canada bumped its benchmark rate for the fifth time in 15 months to 1.75 per cent.

While employment rose slightly in Saskatchewan, it was relatively steady in most other provinces.

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