Despite the economic drag of elevated inflation and higher interest rates, employment ticked up in both Alberta and Canada in October.
Seasonally-adjusted employment grew by 0.3% (6,900 positions) in Alberta and by 0.6% (108,300) nationally.
The number of Albertans employed full-time rose by 0.7% (14,000) while part-time employment dropped by 1.6% (-7,200).
Full-time employment in Canada also increased by 0.7% (119,300) while part-time work decreased by 0.3% (-11,000).
Alberta’s unemployment rate improved, going from 5.5% in September to 5.2% in October.
The national unemployment rate stayed the same at 5.2%.
Today’s numbers suggest that, so far at least, the labour shortages reported by many employers are outweighing the negative impact of inflation and interest rates.
Today’s stronger-than-expected results may lead the Bank of Canada to push interest rates higher than it was hoping, but things could change quickly if employment slips in November.
The Labour Force Survey results for November will be released on December 2, just before the Bank of Canada’s next scheduled interest rate announcement on December 7.
Answer to the previous trivia question: Alberta’s Royal Tyrrell Museum of Palaeontology opened on September 25, 1985. Today’s trivia question: According to Alberta’s youth employment laws, up to what age do you need to get a parent or guardian's permission to work?
The Future Of Podcast
Check out the latest episodes of ATB's podcast, The Future Of. Subscribe and listen on your favourite podcasting app.
This email was sent to rickp@mhaprairies.ca. If this email was forwarded to you, you can subscribe to ATB emails here.
You are subscribed to The Owl, ATB’s daily economic commentary.
We’d like to keep you up to date with products, services, special offers, news, advice or events we think you’ll find helpful. Choose the kinds of emails that you’ll receive by managing your preferences, or unsubscribe at any time if you no longer want to receive promotional emails from ATB. Learn more about CASL Preferences.
ATB Financial, 2100-10020, 100 St NW, Edmonton, Alberta T5J 0N3, Canada
