Correction to Canada Employment Story

By Paul Vieira Features Dow Jones Newswires

Canada added jobs in October at a stronger-than-expected pace amid a slowing economic backdrop, with full-time employment surging and wage gains accelerating for a second straight month.

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The unemployment rate rose from a post-crisis low, but that was due to more young people searching for work.

The Canadian economy added a net 35,300 jobs in October on a seasonally-adjusted basis, Statistics Canada said Friday. The consensus call among traders was for a 15,000 advance, according to economists at Royal Bank of Canada.

October's advance marked the 11th straight month of job gains, and that's the longest streak in over a decade. All of the net new jobs added in October were in the private sector and of the full-time variety, which tend to offer higher pay and steady benefits compared to part-time work.

The jobless rate rose to 6.3% in October from 6.2% in the previous month. Markets expected the unemployment rate to remain unchanged. The uptick in the unemployment rate was attributed to more people -- 56,800 -- joining the labor force to look for a job.

On a year-over-year basis, Canadian employment increased 308,100, or 1.7%, with all of the new jobs created over the past 12 months full-time positions.

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Write to Paul Vieira at paul.vieira@wsj.com

Corrections & Amplifications

This article was corrected at 08:57 a.m. ET because the original ontained a typo in the third paragraph, stating expectations were 15,00. Market consensus for Canada's October employment report was a monthly gain of 15,000.

Market consensus for Canada's October employment report was a monthly gain of 15,000. "Canada Employment Rises 35,300 in October" at 8:45 a.m. ET, contained a typo in the third paragraph, stating expectations were 15,00.

(END) Dow Jones Newswires

November 03, 2017 09:08 ET (13:08 GMT)