Canadian Economy Added 13,200 New Jobs In October

12 Nov 2013

The recent Labor Force Survey shows that Canadian economy added 13,200 new jobs in October, which was more than the 11,000 jobs of the consensus’ expectation.

The impressive fact about this report is that all of the net new jobs were in full-time positions. There is a rise of 0.40% in average working hours, which according to David Rosenberg is equal to adding 75,000 more jobs to the Canadian economic landscape. So, working in Canada is a lucrative idea at the moment. Following a strong rise of 1.8% in September, average wages also increased by 0.40%. This is a positive change because, as measured by CPI, it means that wages are increasing at a faster pace than prices, and that hikes an average Canadian’s purchasing power.

However, as the public sector increased last month, the self-employment and private sectors went down. The provincial and federal governments must reduce their budgets in the long run for a sustainable job increase over the long and medium term.

All-in-all, while the recent employment report held some encouraging signs and was better than expected, to produce employment growth that impacts the Canadian economy in a better way, changes to the economy and jobs sector are still necessary.