OTTAWA (REUTERS) — Canada's economy added 43,900 positions in October, data from Statistics Canada showed on Friday.
The gains were all in part-time work, while full time positions fell. The jobless rate remained at seven per cent.
October 2016 - September 2016
Jobs gain/loss +43,900 +67,200
Full-time -23,100 +23,000
Part-time +67,100 +44,100
Unemployment rate 7 per cent 7 per cent
Participation 65.8 per cent 65.7 per cent
Labour force 19.526 million 19.480 million
PAUL FERLEY, ASSISTANT CHIEF ECONOMIST, ROYAL BANK OF CANADA:
"Certainly a lot stronger than expected ... indications that Canadian firms are taking on more workers, though we're still seeing a skew towards part-time work.
"The Bank of Canada will take some comfort from jobs still being created. We had a big increase last month, again slightly skewed to part time work, but the job creation is continuing."
DOUG PORTER, CHIEF ECONOMIST, BMO CAPITAL MARKETS:
"This is kind of a classic case where the details are nowhere nearly as encouraging as the headline. The headline is obviously a very encouraging number and importantly it follows two surprisingly strong months so it does feel as if the Canadian job market is turning for the better. Unfortunately, today's report comes with (a) rather large caveat ... all the gains were in part-time jobs, full-time actually saw a decline, but still, they were in the private sector for the large part and there were some positive aspects to the industry break down as well."
"I would characterize the unemployment rate as mixed bag with slightly positive overall reading."
"Part of the issue today is there's so many moving parts, what with the trade data and the U.S. data out at the same time and then of course the market's got arguably a much bigger issue to deal with next week. On balance, the job number is mildly supportive for the currency. Does it change the outlook on the Bank of Canada? I think at the margin, it does slightly dim the chances of a rate cut, just ever so slightly, because this is three months in a row of relatively robust headline gains and that's certainly nothing to sneeze at, even if the details aren't great."
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