UPDATE 3-Canada October job losses reverse positive trend
* Hefty job losses partially erase two-month gains
* Data points to sluggish recovery
* BoC seen holding rates through June 2010
* Weakness in wholesale, retail trade; construction strong (Adds details throughout)
By Louise Egan
OTTAWA, Nov 6 (Reuters) - Canada lost more jobs in October than even the gloomiest analyst had predicted, dashing hopes for a quick economic rebound and suggesting a recovery in the labor market may have gotten off to a false start.
The economy unexpectedly lost 43,200 jobs in the month after two months of gains, pushing the jobless rate up to 8.6 percent from 8.4 percent, Statistics Canada said on Friday.
The numbers showed markets were way off base with their consensus forecast of a 10,000 employment gain in the month after net gains of about 30,000 in each of the previous two months. Even the most pessimistic forecast in a Reuters poll called for a loss of just 10,000 jobs.
"Certainly this is a sobering piece of news for a recovery that will increasingly rely on domestic demand as its boost," said Grant Bishop, economist with Toronto-Dominion Bank. Continued...
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