October Records Second-Largest Job Gain of the Year;
Soft Landing Remains a Possibility
Hiring surges, reducing odds of a recession this year. The Canadian economy added 108,000 jobs in October, the second-largest monthly increase of 2022, bringing year-to-date employment gains to 280,000. Nearly 70 per cent of total additions in October were in the private sector, and all of these gains were full-time positions. While total labour rose, the unemployment rate held at 5.2 per cent, which was a byproduct of the increase in the labour force participation rate, driven by a record pace of immigration. These labour market figures far exceeded the consensus estimate of 10,000 monthly job additions, and signal that the Canadian economy is showing resilience in the face of elevated interest rates.