November 2, 2018 / 12:39 PM / 2 years ago

UPDATE 1-Canada adds 11,200 jobs, unemployment rate dips to 5.8 pct

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OTTAWA, Nov 2 (Reuters) - The Canadian economy added 11,200 jobs in October on higher full-time hiring, and the unemployment rate dipped to 5.8 percent, although wage growth was sluggish, Statistics Canada data indicated on Friday.

Analysts in a Reuters poll had forecast a gain of 10,000 positions and for the jobless rate to remain at 5.9 percent. July marked the last time the rate hit 5.8 percent, equaling a 40-year-low.

Although full-time jobs rose by 33,900 compared to a loss of 22,600 part-time positions, the labor participation rate dropped to 65.2 percent, its lowest since October 1998.

And the average year-over-year wage growth of permanent employees - a figure closely watched by the Bank of Canada - fell to just 1.9 percent, the lowest since the 1.7 percent recorded in August 2017.

The central bank has raised interest rates five times in the last 15 months in response to a strengthening economy.

On a year-over-year basis employment rose by 205,900 jobs, or 1.1 percent. The six month average for employment gains increased to 16,900 from 14,800 in September.

Reporting by David Ljunggren; Editing by Bernadette Baum

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