Data released Friday in Canada showed a positive net change in employment of 84,000 and a decline in the unemployment rate to 8.9%. According to analysts at the National Bank of Canada, the recovery of the labor market has a long way to go and they see that job creation will begin to decline to a more normal level.
Key statements
“The October report was slightly better than expected. This was a relatively good performance given the closures of restaurants, bars, theaters and gymnasiums in certain regions of central Canada. ”
“We were also pleased to see that the portion of earnings in October was concentrated in full-time jobs. Employment in the private sector also performed well during the month, a necessary condition for a sustained recovery. ”
“In October, employment is now just 3.3% below its February level with no less than 79% of lost jobs now being recovered.”
“While the recovery of the labor market has a long way to go, job creation will begin to decline to a more normal level. Temporary layoffs have already decreased substantially, which means that job creation will now depend on the creation of new jobs. ”
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