Unemployment rate remains low in region

Darnell Taylor
November 10, 2019

Statistics Canada said that the value of Canadian building permits dropped by a larger-than-expected 6.5% in September to C$8.3 billion, while data from the Canadian Mortgage and Housing Corporation (CMHC) showed that the seasonally adjusted annualized rate of housing starts fell to 201,973 units in October from a revised 221,135 units in September. The unemployment rate in B.C.is again the lowest in the country at 4.7%. Looking "under the hood" of the Canada jobs report revealed even bleaker details with a decrease in full-time employment to the tune of -16.1K jobs. But going forward, the question is whether Friday's results were a blip or whether a malaise that has affected other segments of the economy has spread to the job market. The two-year rose 8.5 Canadian cents to yield 1.584% and the 10-year was up 35 Canadian cents to yield 1.577%.

"This year's run of robust job gains appeared too good to be true, given sluggish underlying [gross domestic product] growth, so the October setback is not a complete shock", said Douglas Porter, chief economist at Bank of Montreal, in a note to clients. "Over the past three months, we've now added a total of 11,600 new jobs".

Despite the province adding about 7,000 jobs last month, the unemployment rates in both Calgary and Edmonton remain well above the national average.

Families hold first funerals for Mormon massacre victims
A convoy carrying women and children - dual US-Mexican citizens - ambushed and sprayed with hundreds of rounds of ammunition. She returned to her birthplace Colonia LeBaron 13 years ago after living in the United States for more than three decades.

Employment in public administration jumped by about 20,000 in October, though temporary hiring related to the federal election likely masked what would have otherwise been a steeper overall job loss.

"Still many areas for improvement, and much work left to be done, but encouraged to see another 4,600 jobs added in London last month", Mayor Ed Holder tweeted after the figures were released.

BC Liberals said they feel concerned after the Business Council of British Columbia recently downgraded its economic outlook for the province from a GDP growth of 2 per cent, down to 1.8 per cent in 2019.

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