Wednesday, October 20

Canada gains over 157,000 jobs, more than doubling expectations

Jobless rate falls to 6.9%

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OTTAWA — The Canadian economy posted a monster gain of 157,100 jobs in September, almost three times the number expected, and the unemployment rate hit an 18-month low of 6.9 per cent, Statistics Canada data indicated on Friday.

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Canada has now regained the employment levels seen before the COVID-19 pandemic started last year, Statscan said.

Analysts polled by Reuters had forecast 65,000 new jobs in September and for the unemployment rate to fall to 6.9 per cent from 7.1 per cent in August. The rate last hit 6.9 per cent in February 2020.

All the gains came in full time employment, which posted an increase of 193,600 new jobs, and were split evenly between the public and private sectors. The economy shed 36,500 part-time positions.

The Canadian dollar strengthened to 80.03 US cents, up around 0.3 per cent on the day.

© Thomson Reuters 2021

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