Canada's jobless rate unexpectedly fell to its lowest level since November, 1974, as the economy created triple the jobs that economists expected last month.
Employers added 51,100 jobs September, sending the rate to 5.9 per cent, Statistics Canada said Friday.
The report is the first to give a picture of the Canadian economy last month, and shows employers clearly weren't rattled by a U.S.-led credit crunch that spilled into Canada in August.
“Deepening U.S. housing trauma, the summer credit market turmoil, and a surging loonie couldn't slow this freight train,” said Douglas Porter, deputy chief economist at the Bank of Montreal, in a note.
The soaring dollar is sending Canadians south to spend their travel budgets, but more Americans are staying home Most of the gains were in full-time jobs, which rose at the fastest pace in four months. Public sector work such as education, public administration and professional services led the increase, Statscan said.
Ontario was the biggest gainer, spurred by hiring for the provincial election. Voters go to the polls Oct. 10. In Saskatchewan, new jobs pushed the unemployment rate down more than 1 percentage point to 3.8 per cent, the second lowest in the country after Alberta.
Das Kanada Forum
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05.10.2007 20:26
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