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Statistics Canada says economy added 84000 jobs in October – CTV News

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OTTAWA —
Nearly one-quarter of Canada’s unemployed have been without work for six months or more, with Statistics Canada reporting a spike in their numbers in October even as the economy eked out another month of overall job growth.

Nearly 450,000 were considered long-term unemployed last month, meaning they had been without a job for 27 weeks or more, with their ranks swelling by 79,000 in September and then 151,000 more in October.

Long-term unemployed now make up 24.8 per cent of Canada’s unemployed, who numbered 1.8 million in October, as the wave of short-term layoffs in March in April rippled into the fall.

The jumps in September and October are the sharpest over more than 40 years of comparable data, and have pushed long-term unemployment beyond what it was just over a decade ago during the global financial crisis.

More men than women have been out of work for an extended period, and younger workers make up a larger share of the ranks of the country’s long-term unemployed than they did in the last recession.

“As the pandemic lingers, and vulnerable sectors like food services continue to struggle, it’s really going to be tough to get back to normal,” said Brendon Bernard, an economist with job-posting site Indeed.

“And in the meantime, that’s going to mean definitely struggles for people who’ve been working in parts of the economy that are severely affected.”

The longer those people are out of work, the more difficult it will be for them to find a new job. And for those that do, research has shown a drop in their earnings as they settle for less than they had before.

Some older workers may simply decide to retire. Younger low-wage workers in hard-hit service sectors will have to find new work as part of a reshuffling of the workforce that could take years to play out.

Leah Nord, senior director of workforce strategies for the Canadian Chamber of Commerce, said the numbers show governments need to roll out “significant” skills training programs to those affected workers pivot to new careers.

The pace of job growth slowed in October as the economy added 83,600 jobs in the month compared with 378,000 in September, Statistics Canada said Friday. The gains marked the sixth straight month of gains after three million jobs lost over March and April when the pandemic first hit Canada hard.

The unemployment rate was little changed at 8.9 per cent compared with nine per cent in September.

The overall gains were the smallest since economies were allowed to reopen after lockdowns, noted TD senior economist Sri Thanabalasingam.

Job increases were found across several industries, including retail.

Most of the gains too were in full-time work, with core-aged women benefiting the most to bring their unemployment rate to 6.6 per cent, the lowest among the major demographic groups tracked by Statistics Canada.

But those gains were partially offset by a decrease of 48,000 jobs in the accommodation and food services industry, largely in Quebec, Statistics Canada says.

More Canadians were also working at home in October, coinciding with a rise in case counts of COVID-19.

CIBC senior economist Royce Mendes says the fact the economy posted another gain in October was good news.

“It seems like employment readings are destined to ebb and flow over the coming fall and winter months, as governments try to adjust activity in attempts to contain the virus,” he writes in a note.

Statistics Canada says the unemployment rate would have been 11.3 per cent in October had it included in calculations the 540,000 Canadians who wanted to work last month but didn’t search for a job.

A quick look at Canada’s October employment (numbers from the previous month in brackets):

  • Unemployment rate: 8.9 per cent (9.0)
  • Employment rate: 59.4 per cent (59.1)
  • Participation rate: 65.2 per cent (65.0)
  • Number unemployed: 1,816,800 (1,832,600)
  • Number working: 18,553,500 (18,469,900)
  • Youth (15-24 years) unemployment rate: 18.8 per cent (18.9)
  • Men (25 plus) unemployment rate: 7.8 per cent (7.8)
  • Women (25 plus) unemployment rate: 6.8 per cent (7.0)

Here are the jobless rates last month by province (numbers from the previous month in brackets):

  • Newfoundland and Labrador 12.8 per cent (14.8)
  • Prince Edward Island 10.0 per cent (10.1)
  • Nova Scotia 8.7 per cent (7.9)
  • New Brunswick 10.1 per cent (10.4)
  • Quebec 7.7 per cent (7.4)
  • Ontario 9.6 per cent (9.5)
  • Manitoba 7.1 per cent (7.0)
  • Saskatchewan 6.4 per cent (6.8)
  • Alberta 10.7 per cent (11.7)
  • British Columbia 8.0 per cent (8.4)

Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the previous month in brackets):

  • St. John’s, N.L. 8.8 per cent (9.8)
  • Halifax 7.7 per cent (8.4)
  • Moncton, N.B. 8.3 per cent (7.1)
  • Saint John, N.B. 10.0 per cent (10.1)
  • Saguenay, Que. 5.0 per cent (5.4)
  • Quebec City 4.5 per cent (5.0)
  • Sherbrooke, Que. 7.0 per cent (7.4)
  • Trois-Rivieres, Que. 6.0 per cent (6.3)
  • Montreal 9.6 per cent (10.7)
  • Gatineau, Que. 7.9 per cent (8.1)
  • Ottawa 8.2 per cent (8.7)
  • Kingston, Ont. 8.5 per cent (9.1)
  • Peterborough, Ont. 11.7 per cent (11.2)
  • Oshawa, Ont. 8.3 per cent (9.6)
  • Toronto 11.5 per cent (12.8)
  • Hamilton, Ont. 9.2 per cent (8.9)
  • St. Catharines-Niagara, Ont. 7.5 per cent (8.7)
  • Kitchener-Cambridge-Waterloo, Ont. 10.8 per cent (12.2)
  • Brantford, Ont. 7.2 per cent (8.1)
  • Guelph, Ont. 8.3 per cent (9.6)
  • London, Ont. 8.9 per cent (8.9)
  • Windsor, Ont. 10.8 per cent (9.8)
  • Barrie, Ont. 9.2 per cent (9.4)
  • Greater Sudbury, Ont. 7.9 per cent (8.5)
  • Thunder Bay, Ont. 7.6 per cent (8.3)
  • Winnipeg 8.7 per cent (9.4)
  • Regina 6.1 per cent (7.4)
  • Saskatoon 8.1 per cent (9.2)
  • Calgary 11.3 per cent (12.6)
  • Edmonton 12.0 per cent (12.6)
  • Kelowna, B.C. 6.2 per cent (8.0)
  • Abbotsford-Mission, B.C. 8.6 per cent (8.0)
  • Vancouver 9.7 per cent (11.1)
  • Victoria 7.6 per cent (9.1)

This report by The Canadian Press was first published Nov. 6, 2020.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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