Canadian employment gained 84k jobs in October (0.5%, m/m), following a gain of 378k in September. This is the sixth consecutive month of increases, putting national employment within 636k of its pre-COVID February level. The national unemployment rate was little changed at 8.9%, as some provinces reinstated containment measures targeted at restaurants and bars, and recreational facilities. Compared to the same month last year, Canadian employment was down by 3.1% (-598k). Regionally, employment increased in five provinces, with the largest gains in BC and Ontario. In BC, employment grew by 33.5k (1.4%, m/m) in October, following a gain of 55k in September. The province is now at 97% of its pre-COVID February employment level. The unemployment rate fell for the fifth consecutive month, down by 0.4 percentage points to 8.0%. Meanwhile, in Vancouver, employment increased by 52k jobs (3.8%, m/m). Compared to one year ago, employment in BC was down by 3.3% (-86K) jobs. As expected, employment recovery was slower in October than the jumps we saw earlier on. Gains in industries that were hardest hit reported some backpedaling in October, as a few provinces reinstated containment measures. As COVID-19 cases continue to rise, the path to recovery will be tougher, especially if containment measures in Ontario and Quebec are prolonged, and if other provinces/territories decide to follow suit.Link: https://mailchi.mp/bcrea/canadian-employment-oct-november-6-2020

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BCREA is the professional association for more than 23,000 REALTORS in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS provide value for their clients.To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.