News
Canada jobless rate falls in Sept to 7.1%
Canada added 61,000 jobs in September, exceeding analyst expectations and bringing the unemployment rate down to 7.1 percent, its lowest level since December 2008, government data showed Friday.
Analysts had only predicted an increase of 15,000 jobs, but the larger-than-expected jump sent the unemployment rate down 0.2 percentage points from August, Statistics Canada said.
Jobs were gained in educational services; professional, scientific and technical services; accommodation and food services; natural resources; and public administration, it said.
These gains were partially offset by declines in finance, insurance, real estate and leasing; manufacturing; and information, culture and recreation.
Canadian employment growth has slowed, analysts noted, from a 2.4 percent annualized pace in the first three months of 2011 to a 1.2 percent pace in the third quarter.
"With economic growth expected to remain soft through year end, look for employment growth to remain modest," BMO Capital Markets economist Robert Kavcic said in a research note.
However, the latest job figures should "ward off any concern that the Canadian labor market is enduring a material slowdown," he said.
"The solid September employment report is good news in a period of economic uncertainty, and will probably clip any expectations of a Bank of Canada rate hike this year."