Canada’s economy gains 67,200 jobs in September, beating economists expectations
OTTAWA — For the first time in two years, the Canadian economy managed to string together two consecutive monthly employment gains — helping to keep the jobless rate in check during September.
As well, the pace of hiring last month — at 67,000-plus — surpassed a previous big jump two years ago, and was driven by the biggest increase in self-employment in seven years, Statistics Canada reported Friday.
The unemployment rate, meanwhile, was unchanged at seven per cent in September, as more people said they were actively looking for work — usually a sign of confidence in the economy.
All in all, not bad for a country that only recently came out of a one-quarter economic downturn and seemingly requires massive stimulus efforts — both fiscal and monetary — to drive more growth.
The Bank of Canada “has hinted at an upcoming downward adjustment to its growth and inflation outlook, and there have been trial balloons from Ottawa about advancing more of the infrastructure spending to help speed the recovery,” wrote Avery Shenfeld, chief economist at CIBC World Markets, in a note to clients.
“Canada’s job surge in September was obviously good enough to provide some comfort to both the Bank of Canada and the Finance Minister.”
Statistics Canada said employment grew by a net amount of 67,200 last month — the largest increase since 59,800 hires in October 2014 — and up from 26,200 new jobs in August that followed a loss of 31,000 in July in the usually volatile labour force report.
August and September marked the first two-month increase in jobs — for a combined total 93,000 — since the September-to-October period in 2014, when 97,000 people found work, the federal agency noted.
Also, July’s report showing 67,000-plus net growth was the largest since October 2014, when hiring reached 59,800.
But probably the most striking number was the 50,100 jump in self-employment — a level only exceeded by the 56,800 total in June 2009, as Canada was just coming out of recession.
“If you can’t find work, you create your own work,” said Vincent Ferrao, at the Labour Division of Statistics Canada.
Canada’s economy gains 67,200 jobs in September, beating economists expectations
OTTAWA — For the first time in two years, the Canadian economy managed to string together two consecutive monthly employment gains — helping to keep the jobless rate in check during September.
As well, the pace of hiring last month — at 67,000-plus — surpassed a previous big jump two years ago, and was driven by the biggest increase in self-employment in seven years, Statistics Canada reported Friday.
The unemployment rate, meanwhile, was unchanged at seven per cent in September, as more people said they were actively looking for work — usually a sign of confidence in the economy.
All in all, not bad for a country that only recently came out of a one-quarter economic downturn and seemingly requires massive stimulus efforts — both fiscal and monetary — to drive more growth.
The Bank of Canada “has hinted at an upcoming downward adjustment to its growth and inflation outlook, and there have been trial balloons from Ottawa about advancing more of the infrastructure spending to help speed the recovery,” wrote Avery Shenfeld, chief economist at CIBC World Markets, in a note to clients.
“Canada’s job surge in September was obviously good enough to provide some comfort to both the Bank of Canada and the Finance Minister.”
Statistics Canada said employment grew by a net amount of 67,200 last month — the largest increase since 59,800 hires in October 2014 — and up from 26,200 new jobs in August that followed a loss of 31,000 in July in the usually volatile labour force report.
August and September marked the first two-month increase in jobs — for a combined total 93,000 — since the September-to-October period in 2014, when 97,000 people found work, the federal agency noted.
Also, July’s report showing 67,000-plus net growth was the largest since October 2014, when hiring reached 59,800.
But probably the most striking number was the 50,100 jump in self-employment — a level only exceeded by the 56,800 total in June 2009, as Canada was just coming out of recession.
“If you can’t find work, you create your own work,” said Vincent Ferrao, at the Labour Division of Statistics Canada.
Canada’s economy gains 67,200 jobs in September, beating economists expectations
