Canada unemployment ‘drops’ to nine-year low

OTTAWA, Sept 9, (AFP): Canada’s unemployment fell to its lowest rate in nine years last month, Statistics Canada said Friday.

The unemployment rate dropped 0.1 percentage point to 6.2 per cent as the economy added 22,000 jobs in August, primarily in finance, insurance and real estate, and among workers aged 55 and over.

But the increase relates exclusively to part-time work — with the 110,000 increase in people working part-time offset by a decline of 88,000 full-time workers compared to July.

Employment fell in well-paid sectors including manufacturing and natural resources.

The overall rise however exceeded the expectations of economists, who forecast the creation of just 15,000 jobs and a stable 6.3 percent unemployment rate.

The workforce grew by 2,000 workers, resulting in the lowest unemployment rate since October 2008, just before the global financial crisis.

Job creation increased by 20,000 for women over 55 — up for the third month in a row — and by 28,000 for men in the same age bracket.

Meanwhile employment among workers aged 25 to 54 remained steady, although the unemployment rate declined for both women (5.2 percent) and men (5.5 percent).

But for people under the age of 24, employment decreased by 33,000, a “marked decline in their activity in the labor market,” according to Statistics Canada.