\n<\/p>\n
Kevin Carmichael: The labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020 <\/p>\n
Author of the article:<\/p>\n
FP Economics Editor, Kevin Carmichael<\/span> <\/div>\n\nPublishing date:<\/p>\n Nov 05, 2021<\/span> \u00a0\u2022\u00a0 8\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 3 minute read<\/span> \u00a0\u2022\u00a0 <\/svg><\/span> 5 Comments <\/span> <\/div><\/div>\n<\/picture>Canada gained 31,000 jobs in October. <\/span> Photo by John Lappa\/Sudbury Star\/Postmedia Network<\/span> <\/figcaption><\/figure>\n<\/header>\n\nArticle content<\/h2>\nCanadian employers added roughly 31,000 jobs in October, a mediocre result that suggests the recovery from the COVID-19 recession could be slowing to a more sustainable pace.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nBay Street economists had predicted the economy would add about 50,000 positions last month, after creating more than 157,000 in September as COVID restrictions loosened and vaccination rates continued to rise. The increase that Statistics Canada recorded in its latest Labour Force Survey was less than the poll\u2019s margin of error, suggesting employment was little changed.<\/p>\nThe unemployment rate decreased to 6.7 per cent from 6.9 per cent, the fifth consecutive monthly decline. Employment in retail increased by some 77,000 positions, a large gain that pushed jobs in the industry back above pre-pandemic levels for the first time since March 2021, the eve of another wave of COVID-19 infections that forced provinces to tighten social distancing rules.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nAverage hourly wages were up 5.1 per cent from 2019, according to a gauge that Statistics Canada uses to smooth out volatility caused by the recession. Wage growth at that pace implies that many households have received pay increases that are in line with inflation, reducing the impact of the price spikes that have come with the recovery from the pandemic. At the same time, wage gains at that pace are outside the norm and could cause central bankers to worry that higher wages are a signal that inflation expectations are rising, creating a feedback loop that could cause price pressures to become entrenched.<\/p>\n <\/p>\n\n <\/picture>\n Thousands of unvaccinated Canadian employees are being fired or put on leave, squeezing already tight labour market <\/span> <\/h3>\n<\/li>\n <\/picture>\n Why the post-pandemic economy is humbling forecasters <\/span> <\/h3>\n<\/li>\n\n ‘Workers deserve to have more money’: Doug Ford hikes Ontario minimum wage to $15 <\/span> <\/h3>\n<\/li>\n<\/ol>\n <\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada\u2019s job gains shift into lower gear<\/a><br \/>\n<br \/>2021-11-05 13:46:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Kevin Carmichael: The labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020 Author of the…<\/p>\n","protected":false},"author":2,"featured_media":15775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-15774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=15774"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/15775"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=15774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=15774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=15774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Publishing date:<\/p>\n
Nov 05, 2021<\/span> \u00a0\u2022\u00a0 8\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 3 minute read<\/span> \u00a0\u2022\u00a0 <\/svg><\/span> 5 Comments <\/span> <\/div><\/div>\n<\/picture>Canada gained 31,000 jobs in October. <\/span> Photo by John Lappa\/Sudbury Star\/Postmedia Network<\/span> <\/figcaption><\/figure>\n<\/header>\n\nArticle content<\/h2>\nCanadian employers added roughly 31,000 jobs in October, a mediocre result that suggests the recovery from the COVID-19 recession could be slowing to a more sustainable pace.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nBay Street economists had predicted the economy would add about 50,000 positions last month, after creating more than 157,000 in September as COVID restrictions loosened and vaccination rates continued to rise. The increase that Statistics Canada recorded in its latest Labour Force Survey was less than the poll\u2019s margin of error, suggesting employment was little changed.<\/p>\nThe unemployment rate decreased to 6.7 per cent from 6.9 per cent, the fifth consecutive monthly decline. Employment in retail increased by some 77,000 positions, a large gain that pushed jobs in the industry back above pre-pandemic levels for the first time since March 2021, the eve of another wave of COVID-19 infections that forced provinces to tighten social distancing rules.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nAverage hourly wages were up 5.1 per cent from 2019, according to a gauge that Statistics Canada uses to smooth out volatility caused by the recession. Wage growth at that pace implies that many households have received pay increases that are in line with inflation, reducing the impact of the price spikes that have come with the recovery from the pandemic. At the same time, wage gains at that pace are outside the norm and could cause central bankers to worry that higher wages are a signal that inflation expectations are rising, creating a feedback loop that could cause price pressures to become entrenched.<\/p>\n <\/p>\n\n <\/picture>\n Thousands of unvaccinated Canadian employees are being fired or put on leave, squeezing already tight labour market <\/span> <\/h3>\n<\/li>\n <\/picture>\n Why the post-pandemic economy is humbling forecasters <\/span> <\/h3>\n<\/li>\n\n ‘Workers deserve to have more money’: Doug Ford hikes Ontario minimum wage to $15 <\/span> <\/h3>\n<\/li>\n<\/ol>\n <\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada\u2019s job gains shift into lower gear<\/a><br \/>\n<br \/>2021-11-05 13:46:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Kevin Carmichael: The labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020 Author of the…<\/p>\n","protected":false},"author":2,"featured_media":15775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-15774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=15774"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/15775"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=15774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=15774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=15774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Canadian employers added roughly 31,000 jobs in October, a mediocre result that suggests the recovery from the COVID-19 recession could be slowing to a more sustainable pace.<\/p>\n<\/section>\n
This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nBay Street economists had predicted the economy would add about 50,000 positions last month, after creating more than 157,000 in September as COVID restrictions loosened and vaccination rates continued to rise. The increase that Statistics Canada recorded in its latest Labour Force Survey was less than the poll\u2019s margin of error, suggesting employment was little changed.<\/p>\nThe unemployment rate decreased to 6.7 per cent from 6.9 per cent, the fifth consecutive monthly decline. Employment in retail increased by some 77,000 positions, a large gain that pushed jobs in the industry back above pre-pandemic levels for the first time since March 2021, the eve of another wave of COVID-19 infections that forced provinces to tighten social distancing rules.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nAverage hourly wages were up 5.1 per cent from 2019, according to a gauge that Statistics Canada uses to smooth out volatility caused by the recession. Wage growth at that pace implies that many households have received pay increases that are in line with inflation, reducing the impact of the price spikes that have come with the recovery from the pandemic. At the same time, wage gains at that pace are outside the norm and could cause central bankers to worry that higher wages are a signal that inflation expectations are rising, creating a feedback loop that could cause price pressures to become entrenched.<\/p>\n <\/p>\n\n <\/picture>\n Thousands of unvaccinated Canadian employees are being fired or put on leave, squeezing already tight labour market <\/span> <\/h3>\n<\/li>\n <\/picture>\n Why the post-pandemic economy is humbling forecasters <\/span> <\/h3>\n<\/li>\n\n ‘Workers deserve to have more money’: Doug Ford hikes Ontario minimum wage to $15 <\/span> <\/h3>\n<\/li>\n<\/ol>\n <\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada\u2019s job gains shift into lower gear<\/a><br \/>\n<br \/>2021-11-05 13:46:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Kevin Carmichael: The labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020 Author of the…<\/p>\n","protected":false},"author":2,"featured_media":15775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-15774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=15774"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/15775"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=15774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=15774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=15774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Bay Street economists had predicted the economy would add about 50,000 positions last month, after creating more than 157,000 in September as COVID restrictions loosened and vaccination rates continued to rise. The increase that Statistics Canada recorded in its latest Labour Force Survey was less than the poll\u2019s margin of error, suggesting employment was little changed.<\/p>\n
The unemployment rate decreased to 6.7 per cent from 6.9 per cent, the fifth consecutive monthly decline. Employment in retail increased by some 77,000 positions, a large gain that pushed jobs in the industry back above pre-pandemic levels for the first time since March 2021, the eve of another wave of COVID-19 infections that forced provinces to tighten social distancing rules.<\/p>\n<\/section>\n
This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nAverage hourly wages were up 5.1 per cent from 2019, according to a gauge that Statistics Canada uses to smooth out volatility caused by the recession. Wage growth at that pace implies that many households have received pay increases that are in line with inflation, reducing the impact of the price spikes that have come with the recovery from the pandemic. At the same time, wage gains at that pace are outside the norm and could cause central bankers to worry that higher wages are a signal that inflation expectations are rising, creating a feedback loop that could cause price pressures to become entrenched.<\/p>\n <\/p>\n\n <\/picture>\n Thousands of unvaccinated Canadian employees are being fired or put on leave, squeezing already tight labour market <\/span> <\/h3>\n<\/li>\n <\/picture>\n Why the post-pandemic economy is humbling forecasters <\/span> <\/h3>\n<\/li>\n\n ‘Workers deserve to have more money’: Doug Ford hikes Ontario minimum wage to $15 <\/span> <\/h3>\n<\/li>\n<\/ol>\n <\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada\u2019s job gains shift into lower gear<\/a><br \/>\n<br \/>2021-11-05 13:46:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Kevin Carmichael: The labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020 Author of the…<\/p>\n","protected":false},"author":2,"featured_media":15775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-15774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=15774"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/15774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/15775"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=15774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=15774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=15774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Average hourly wages were up 5.1 per cent from 2019, according to a gauge that Statistics Canada uses to smooth out volatility caused by the recession. Wage growth at that pace implies that many households have received pay increases that are in line with inflation, reducing the impact of the price spikes that have come with the recovery from the pandemic. At the same time, wage gains at that pace are outside the norm and could cause central bankers to worry that higher wages are a signal that inflation expectations are rising, creating a feedback loop that could cause price pressures to become entrenched.<\/p>\n <\/p>\n\n <\/picture>\n Thousands of unvaccinated Canadian employees are being fired or put on leave, squeezing already tight labour market <\/span> <\/h3>\n<\/li>\n <\/picture>\n Why the post-pandemic economy is humbling forecasters <\/span> <\/h3>\n<\/li>\n\n ‘Workers deserve to have more money’: Doug Ford hikes Ontario minimum wage to $15 <\/span> <\/h3>\n<\/li>\n<\/ol>\n <\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. 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<\/section>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. 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This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\nOverall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\nStill, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\nThe jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n\n\nAdvertisement<\/h2>\n\n\n\n\n This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. 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Overall, the latest hiring numbers support the Bank of Canada\u2019s story about how the recovery is unfolding. The central bank expressed confidence in the economy last week, characterizing both overall growth and the labour market as \u201crobust.\u201d The total number of jobs in the economy surpassed its pre-pandemic level in September, and the participation rate, which measures the number of people working and actively seeking employment, has risen to around 65.5 per cent, the same as at the start of 2020.<\/p>\n
Still, the labour market is far from healed from the epic recession caused by the COVID-19 lockdowns in March 2020.<\/p>\n
The jobless rate was hovering around a record low of 5.5 per cent when the crisis began, and employers still need to add another 170,000 jobs to get to where the pre-pandemic trend of hiring would have taken overall employment if not for the recession, according to Citigroup Global Markets Inc. economist Veronica Clark\u2019s rough calculations. Statistics Canada\u2019s \u201cunderutilization rate,\u201d which measures the unemployed, the number of people who want a job but haven\u2019t looked for one, and employees who are working less than half their usual hours, dropped to 13.1 per cent in October, elevated compared with 11.4 per cent in February 2020.<\/p>\n<\/section>\n
This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n\nArticle content<\/h2>\n\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n\u2022 Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin<\/a><\/em><\/p>\n_____________________________________________________________<\/p>\n\u00a0If you like this story sign up for FP Economy Newsletter.<\/em><\/strong><\/p>\n_____________________________________________________________<\/p>\nListen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts . Check out the latest episode below:<\/p>\n <\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories4071667968334030547842796879485589\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/8.3.5\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4071667968334030547842796879485589\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\"> <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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\u201cA bit of a ho-hum report that will make little impact on the timing of any rate moves by the Bank of Canada,\u201d said Douglas Porter, chief economist at Bank of Montreal. \u201cBut after the wildness of the prior 18 months, no one is complaining about ho-hum.\u201d<\/p>\n
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