December 18, 2024 13:54 GMT
CANADA DATA: Oct Employment Insurance +4.7% YOY
CANADA DATA
- Employment insurance recipients +0.1% MOM in Oct.
- StatsCan notes that's in line with little change in employment in the Oct. Labour Force Survey.
- Manufacturing and utilities led the decline in number of regular EI beneficiaries in Oct.
- EI recipients +4.7% YOY led by art, culture, recreation and sport.
- Weakness in the labor market has been evident with the unemployment rate 6.8% in Nov., highest since 2017 excluding the pandemic. BOC has said economic slack a big reason it can keep cutting interest rates.
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