Global| Nov 05 2004Employment Gains in Canada, Too; Unemployment Rate Stays Flat
Summary
Employment in Canada, measured by the Statistics Canada labor force survey, showed a second consecutive monthly advance in October, up 34,300 after September's 43,200 increase. The number of workers had been basically flat across the [...]
Employment in Canada, measured by the Statistics Canada labor force survey, showed a second consecutive monthly advance in October, up 34,300 after September's 43,200 increase. The number of workers had been basically flat across the summer. The 12-month trend is running just below 2%, similar to the expansion during 2003 and 2002.
By industry, the October employment gain was more than accounted for by a 45,000 increase in the trade sector. The number of construction workers also increased and has been on a notable uptrend for about the last six years. Workers in the finance sector decreased in October, but they too have been on a sustained, marked uptrend; this began in early 2002. Manufacturing employment has maintained an oscillating pattern for about five years.
Canada's unemployment rate was unchanged at 7.1% in October, extending a gentle downward drift from a recent peak of 8.0% in August 2003. 
Labor force participation in Canada has been largely rangebound over the last two years, with the rate for young people (ages 15-24) virtually flat at about 67%, and that for middle-range workers (ages 25-55) edging down slightly to 86.3% in October. However, older workers appear to be staying active longer. The participation rate for workers over 55 reached 30.8% in October, up 0.6 percentage point in the last 12 months and up 7.2 points since its low in October 1996.
| Monthly Amounts in Thousands | Oct 2004 |
Sept 2004 | Aug 2004 |
Year Ago | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|---|
| Employment | 16,111 | 16,076 | 16,033 | 1.9% | 2.2% | 2.2% | 1.1% |
| Mo/Mo Change | +34 | +43 | -7 | ||||
| Goods-Producing | 4,044 | 4,039 | 4,060 | 1.4% | 1.1% | 2.1% | -0.2% |
| Mo/Mo Change | +5 | -21 | -7 | ||||
| Service-Producing | 12,067 | 12,037 | 11,973 | 2.0% | 2.5% | 2.3% | 1.6% |
| Mo/Mo Change | +30 | +64 | -0 | ||||
| Unemployment Rate | 7.1% | 7.1% | 7.2% | 7.6% | 7.6% | 7.6% | 7.2% |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
