Unemployment in Canada drops to nine-year low

Canada’s unemployment fell to its lowest rate in nine years last month, Statistics Canada said on 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 per cent unemployment rate. The workforce grew by 2,000 workers, resulting in the lowest unemployment rate since October 2008, just before the global financial crisis. — AFP