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Unemployment rate by province and territory in October 2024. Image: Statistics Canada

Unemployment rate holds steady at 6.5%

By Brad Perry Nov 8, 2024 | 12:34 PM

Canada’s unemployment rate held steady in October at 6.5 per cent, according to Statistics Canada.

The agency said employment was little changed on a month-over-month basis with just 15,000 new jobs,

On a year-over-year basis, employment was up by 303,000, according to figures from StatCan.

The employment rate fell by 0.1 percentage points to 60.6 per cent, marking the sixth consecutive decline.

Employment rose among male youth and fell among older women, while there was little change in employment across the other major age groups.

There were more people employed in business, building and other support services, and fewer people working in finance, insurance, real estate, rental and leasing, as well as public administration.

While the unemployment rate was unchanged month over month, it was up 0.8 per cent on a year-over-year basis.

StatCan said this came as 193,000 more people searched for work or were on temporary layoff.

Average hourly wages among employees increased 4.9 per cent, or $1.68, on a year-over-year basis to $35.76.

At look at some of the provincial numbers

New Brunswick gained 2,500 full-time and 800 part-time positions for an overall increase of 3,300.

But with 3,600 more people in the labour force, the unemployment rate ticked up to 6.8 per cent.

Nova Scotia lost 7,200 full-time jobs but gained 5,100 part-time positions for a net decrease of 2,100.

However, the province’s unemployment rate fell slightly to 6.2 per cent with 3,000 fewer people in the labour force.

Prince Edward Island lost 1,100 jobs as the unemployment rate jumped to 10 per cent from 7.1 per cent the previous month.

In Ontario, the province lost 11,200 full-time jobs but gained 400 part-time positions for a net decrease of 10,900.

But the unemployment rate inched down to 6.8 percent as there were 15,600 fewer people in the labour force.

The full report can be found on Statistics Canada’s website.