Employment in Canada was little changed in October, adding 14,500 jobs, an increase of 0.1% for a total of 20.6 million, Statistics Canada reported Nov. 8. 

On a year-over-year basis, employment was up 1.5%, or 303,200 jobs. 

October’s employment growth was driven by full-time positions, which increased by 25,600 in the month; conversely, part-time jobs declined by 11,200. 

For September, Canada had reported an increase of 47,000 jobs.   

The increase in employment is the smallest gain among the seven months this year in which Canada’s labor market added jobs, and far below the average monthly pace of about 40,000 positions, according to Bloomberg. However, Canada’s unemployment rate remained at a 34-month high of 6.5%, beating forecasts of 6.6%. 

Among industries, “business, building and other support services” led growth in October with 29,000 jobs added, followed by “accommodation and food service,” which gained 12, 200 jobs. 

Industries with declines included “finance, insurance, real estate, rental and leasing,” down 13,000 jobs (-0.9%), as well as public administration, down 8,700 jobs (-0.7%). 

Employment rose across several provinces; Alberta led gains with 13,000 additional jobs, followed by New Brunswick with 3,300 new jobs. On the flip side, Prince Edward Island lost the most jobs in October, down by 1,100. Employment in Quebec and Ontario remained virtually unchanged.  

Some economists see a possibility of another outsize interest rate cut at Bank of Canada’s policymakers next decision scheduled for Dec. 11, according to Bloomberg. 

Friday’s release “was never going to close the book” on the debate over whether to expect a 25 or 50 basis-point cut at that meeting, it quoted Andrew Grantham, an economist at Canadian Imperial Bank of Commerce, as saying. 

“The mixed nature of today’s data didn’t help, but we continue to lean towards another 50 basis-point move,” he said in a report to investors. 

“The details of Canada’s October labor survey aren’t as downbeat as we expected. But the downside surprise in total hiring will give the BoC cover to continue cutting rates as it rushes to return to a neutral policy stance,” said Stuart Paul, who covers the US and Canadian economies for Bloomberg Economics.