Canada’s labor market continued to heal in October as retail businesses ramped up hiring, though the pace of gains has begun to cool.The economy added 31,200 jobs last month, Statistics Canada said Friday in Ottawa, missing expectations for a gain of 41,600 in a Bloomberg survey of economists. The unemployment rate fell to 6.7% from 6.9% in September, and total hours worked rose 1%.The report signals the economic rebound is intact, with companies finding workers as Covid-19 restrictions vanish. Yet, the data also illustrate how future job gains will return to more normal levels — which averaged 23,000 per month in the two years prior to the pandemic — as labor slack diminishes.
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