With earnings of TSX companies down 30% so far in the third quarter, we do not expect a hiring spree anytime soon
Canada may have added 1,800 jobs in October, but that number hides the fact that almost all the gains came from government and that the private sector lost more than 20,000 jobs.
The 1,800 jobs added was already a disappointment compared with the 10,000 economists had forecast. According to Statistics Canada, that left the unemployment rate unchanged at 7.4%.
The six-month average for jobs gains is now 29,400, according to Reuters. But it’s a very different story when you look at the private sector and public sector separately.
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