According to official figures, the Canadian economy created jobs in September but did nothing to make up for the losses of the previous three months. The unemployment rate also beat expectations and edged down as fewer people looked for work.
Estimates show that Canada generated 21,100 net new jobs in September, most of which were part-time; and that the unemployment rate dropped to 5.2% from 5.4% in August.
The three-month losing trend in employment was broken in September, but the 113,500 net jobs lost from June through August were hardly affected. As fewer people looked for job, the unemployment rate in Canada decreased, according to Statscan.
In August, the labor force in Canada shrunk by a net 20,300 while the participation rate dipped to 64.7% from 64.8%. Although permanent employee wage growth slowed from 5. 6% in August to 5. 2% last month, it was still more than 5.0% for the fourth consecutive month.
MoneyCentral.