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RBC notes Canadian firms continued to take on workers in October at pace close to the monthly average increase over the first three quarters of 12.6K. However, it says, this does not represent a particularly robust pace of job creation as it only slightly outpaced growth in the labour force resulting in minimal downward pressure on the unemployment rate. As a result, the report continues to weigh in favour of the Bank of Canada maintaining highly accommodative monetary conditions. Its current forecast assumes that the overnight rate of 1.00% will be retained going into 2015.

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