Data released on Friday in Canada showed a positive net change in employment of 84K and a decline in the unemployment rate to 8.9%. According to analysts at National Bank of Canada, the labour market recovery has a long way to go and they see job creation will start to ease back to a more normal level.
“The October report came in slightly better than expected. This was a relatively good performance given the closures of restaurants, bars, theatres and gyms in certain regions of central Canada.”
“We were also pleased to see the share of gains in October being concentrated in full-time jobs. Private sector employment also did well during the month, a necessary condition for a sustained recovery.”
“As of October, employment is now just 3.3% below its February level with no less than 79% of jobs lost that have now been recovered.”
“While the labour market recovery has a long way to go, job creation will start to ease back to a more normal level. Temporary layoffs have already declined substantially meaning that job creation will now depend on new positions being created.”