Wage growth weakens despite tightened job market; unemployment rate dips to 5.8%
OTTAWA — Canada’s unemployment rate has edged back down to its four-decade low of 5.8 per cent — but even in a job market that’s having a hard time finding workers, wage growth is continuing to slow.
The country added 11,200 net new jobs in October, including a gain of 33,900 full-time positions, Statistics Canada said Friday in its latest labour force survey.
The agency said the jobless rate moved down from its 5.9 per cent reading in September, in large part because fewer people searched for work.
One fresh data point, in particular, is likely to catch the Bank of Canada’s attention: wage growth.