Canada’s main stock index was up 56.87 points at 11:10 am ET today, hitting another all-time high.
The index was boosted by strong financial stocks and higher corporate earnings as the index continues its record gains.
Statistics Canada released its Labour Force Survey for October today. The data showed that while unemployment continued its decline for the fifth consecutive month, hitting a 20-month low of 6.7 per cent, employment remained largely unchanged compared to September.
31,000 jobs were added in October, 0.2 per cent higher than September’s increase.
“Industry was expecting a bit of a slowdown, and that’s okay. I think the previous months have been pretty strong, so it’d be more a case of growth moderating,” Colin Cieszynski, chief market strategist at SIA Wealth, told Reuters.
With 23.8 per cent of Canadians still working from home, Canadian participation in the labour force is at or above pre-pandemic levels for most age groups, according to the Statistics Canada survey. This is in contrast to the “Great Resignation” in the United States, where labour force participation is down 1.7 per cent.
Although the job market is looking up, yesterday’s International Merchandise Trade report showed that continued shortages on semiconductor chips in September affected motor vehicle production, which was down 17.9 per cent since August and 40.2 per cent since September 2020.
And while total exports were down 2.3 per cent, crude oil exports were up 7.2 per cent in September, buoyed by rising prices.
Trending today are these stories from The Market Herald Canada:
Sprout AI (CSE:SPRT) released yet another update on last month’s trading volatility. Effective today, Sprout AI will begin trading on the CSE under the symbol BYFM.
Saturn Oil & Gas (TSXV:SOIL) announced that it has completed its third quarter drilling and workover program at the Loverna property.
A subsidiary of Pure Extracts Technology Corp. (CSE:PULL) announced that it will provide Abba Medix Corp. with products from its line of full-spectrum oil THC vape and CBD gummy products.
Companies announcing capital raises include: