October jobs report
Alberta’s labour market got tighter in October
By Rob Roach, ATB Economics 4 November 2022 1 min read
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?