Statistics agency says the country's unemployment rate is the lowest it has been since the recession
OTTAWA—Canada’s latest labour-market survey says the country’s unemployment rate dropped to 6.5 per cent last month, it’s lowest level since November 2008.
Statistics Canada said November 7 the economy generated 43,100 net new jobs in October, pushing the jobless rate down 0.3 percentage points from September.
Economists had predicted the economy to lose 5,000 jobs in October and for the unemployment rate to remain unchanged, according to Thomson Reuters.
The October gain follows an increase of 74,100 jobs for September, which marked the first time since December 2012 that the agency’s roller-coaster jobs report recorded two consecutive months of employment growth.
The report found employment was up one per cent from a year ago, with the increases of the past two months making up about two-thirds of that boost.
Provincially, the survey listed job gains in Manitoba, Ontario, Prince Edward Island and Nova Scotia, while employment decreased in New Brunswick. Other provinces saw only marginal changes in employment.
In the manufacturing sector, there were 33,200 more jobs in October compared to the previous month, and the industry saw a two per cent increase from a year ago.
Meanwhile, the survey said the natural resources sector shed 22,200 jobs in October, delivering a 6.2 per cent decline in the industry over the last 12 months.
The agency says the youth unemployment rate for October fell 0.9 percentage points to 12.6 per cent as fewer young people searched for work.