Canadian Jobs Report Weaker Than Expected

Statistics Canada reported that 3,000 new jobs were created during the month of October. This was considerably less than the 15,000 forecast and even failed to offset the 6,600 jobs lost in September.

“I think there might be a trace of disappointment on the headline number, but I think on balance this doesn’t move the needle in a major way,” said Doug Porter, deputy chief economist at BMO Capital Markets.

“It’s certainly not strong enough to get the Bank of Canada to change their mind on staying on hold any time soon, but by the same token, it’s not particularly weak, so I don’t think this really has a major impact on Bank of Canada policy,” Porter said.

Source: Reuters

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