Podcast
Questions and Answers
What was the unemployment rate in Canada in October?
What was the unemployment rate in Canada in October?
- 6.0%
- 6.5% (correct)
- 7.5%
- 7.0%
Which sector experienced the largest decline in employment in October?
Which sector experienced the largest decline in employment in October?
- Finance and insurance (correct)
- Manufacturing
- Retail
- Construction
How many jobs were added to the economy in October?
How many jobs were added to the economy in October?
- 10,000
- 20,000
- 25,000
- 15,000 (correct)
What percentage of Canadians were living in households with financial difficulties in the previous four weeks?
What percentage of Canadians were living in households with financial difficulties in the previous four weeks?
What was the average hourly wage growth in Canada for October compared to the previous year?
What was the average hourly wage growth in Canada for October compared to the previous year?
What is considered to be a factor contributing to weakness in the job market, according to economists?
What is considered to be a factor contributing to weakness in the job market, according to economists?
What did the Bank of Canada do last month in response to economic conditions?
What did the Bank of Canada do last month in response to economic conditions?
What does Brendon Bernard suggest about the job market's performance in October?
What does Brendon Bernard suggest about the job market's performance in October?
Flashcards
Canadian Unemployment Rate
Canadian Unemployment Rate
The percentage of people in Canada who are actively looking for work but cannot find a job.
October Job Growth
October Job Growth
The number of new jobs created in Canada during October 2024.
Population Growth
Population Growth
The increase in the number of people in Canada.
Bank of Canada Interest Rate
Bank of Canada Interest Rate
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Wage Growth
Wage Growth
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Financial Difficulty
Financial Difficulty
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Economic Weakness of Canada
Economic Weakness of Canada
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Short-term Job Market Outlook
Short-term Job Market Outlook
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Study Notes
Canadian Economy (October 2024)
- Unemployment rate held steady at 6.5%
- Employment rose by 15,000 jobs
- Business, building, and support services saw the largest employment gains
- Finance, insurance, real estate, and rental/leasing experienced the largest decline
- October's job growth was modest and outpaced by population growth
Job Market Trends
- Employment growth has been outpaced by population growth for most of 2024
- Immigration pullback expected to stabilize job market
- Economists predict weak job market in short-term, potentially rebound in 2025
- Central bank lowered interest rates to combat falling inflation and weak growth
- Next interest rate decision will depend on economic data in December
Household Finances
- 28.8% of Canadians had difficulty meeting financial needs in the past 4 weeks
- This is lower than previous months (2023, 2022) but still higher than pre-pandemic levels (2020)
- Renters more likely than homeowners to report financial difficulty
- Immigrants who arrived within the past year more likely to experience financial strain
Wage Growth
- Average hourly wages grew 4.9% year-over-year, reaching $35.76
- Wage growth continues despite ongoing softness in the labour market
Inflation and Wages
- Inflation has fallen significantly from 6.9% (October 2022) to 1.6% (September 2024)
- Wage growth has continued at a rapid pace
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