Canadian economy lost 1,800 jobs in October, unemployment rate steady at 5.5%

Statistics Canada

Statistics Canada says the number of people working in Canada edged lower in October as the manufacturing and construction sectors lost jobs. 

The unemployment rate held steady at 5.5%

The federal agency says the economy lost 1,800 jobs in October, following two consecutive months of growth. The number of full-time jobs fell by 16,100, offset in part by a gain of 14,300 part-time jobs.

Economists on average expected the economy to add a total of 15,900 jobs and an unemployment rate of 5.5 per cent, according to financial markets data firm Refinitiv.

The manufacturing sector lost 23,000 jobs, mostly in Ontario, while the construction sector lost 21,000.

The losses were offset in part by an increase of 20,000 jobs working in public administration and 18,000 in finance, insurance, real estate, rental and leasing.

On a year-over-year basis, employment was up by 443,000, an increase of 2.4 per cent.

In New Brunswick, the economy added 900 net full-time jobs, but lost 2,200 part-time jobs.

The unemployment rate fell two tenths of a per cent to sit at 8.1% in October, fueled by a net drop of 2,000 in the labour force.

(With files from Bell Media's Charles Renshaw)