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Canadian jobless rate expected to rise

Canadian jobless rate expected to rise

Canadian jobless rate expected to rise
Canadian unemployment will rise in October as a sustainable recovery has not yet been witnessed in the private sector, a group of economists have forecast.

Reuters surveyed a collection of financial experts, who predict that the North American country's jobless rate increased by 0.1 per cent last month to 8.5 per cent of the available labor market.

However, the poll did reveal that, on average, the economists expect to see a net gain of 10,000 jobs when the latest government figures are released.

Mark Chandler, fixed income strategist at RBC Capital Markets, explained that these figures reflect the wider state of the Canadian economy, which has stabilized but not recorded growth.

He told the news agency: "Usually you have to wait until you see positive economic growth before you start to see positive employment growth alongside, so at best employment is a coincident or lagging indicator."

Last month, Statistics Canada disclosed that the number of labor market members receiving employment insurance fell by 2.4 per cent in August.ADNFCR-1275-ID-19444990-ADNFCR

Posted: 06 November 2009 12:15:00
Filed under: North America
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