Canada registered another 31k jobs created in October even after the prior month’s blow-out gain of 157k. That would be a solid job gain for any year, pandemic or not which makes StatCan’s portrayal of ’unchanged’ rather heavily understated!! While the gain is in line with our expectation for the month especially given the +/-58k 95% confidence interval around the estimates, I had cautioned there was downside risk and so it’s encouraging that this did not materialize. Chart 1 shows highlights. Quality wasn’t great, but wages continue to signal tighter job markets than the BoC is acknowledging. {table} More wage ... (full story)