Canada’s job market sees modest gains in October

Regionally, Alberta and New Brunswick recorded employment increases of 13,000 (+0.5%) and 3,300 (+0.8%), respectively. However, Prince Edward Island’s employment declined by 1,100 jobs (-1.2%), pushing its unemployment rate to 10.0%, a sharp increase of 2.9 percentage points.

Hours worked and wage growth remain resilient

In a positive development, total hours worked rose by 0.3%, snapping a two-month streak of decline, according to Statistics Canada.

“Hours worked fared a bit better than jobs, snapping a two-month losing streak,” Bernard says, signaling some resilience in labour demand.

October’s wage growth also outperformed other indicators, with average hourly earnings up by 4.9% year-over-year, reaching $35.76.

“It’s been a surprise all year to see wage growth continuously defy the otherwise negative trends,” he says, citing wage gains hovering around 5% as inflation has cooled.