Canadian Job Market bounces back

This article was last updated on April 16, 2022

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According to fresh statistics reports the economy in Canada added a staggering 60,900 fresh jobs in September, breaking the predictions of the market which resulted in unemployment rate falling to the lowest since 2008 December.

7.1% was the unemployment rate in September which was two points below the 7.3% in August. Market expectations were for 15,000 net new positions, and for the unemployment rate to remain steady.

This rise was the best recorded for the past 9 months and was a welcome relief after two months of low and unsatisfactory results. The newly announced jobs in September are all full-time jobs.

Due to the heavy decline in the manufacturing sector, the private sectors had job cuts in the month of September; these losses were offset by gains in the public sector, most notably, education and the self-employed category, according to the data statistics.

In addition to the education sector, other profitable labor market sectors include, hospitality, professional, scientific services, technical services and natural resources that includes forestry, mining, and oil and gas.

Despite the fears of Europe’s banking system unscrambling, these encouraging results came into view.

Dawn Desjardins, assistant chief economist at Royal Bank of Canada said “The labor data confirms that Canada’s domestic economy is in good shape and supports expectations that Canadian consumers will continue to spend,”

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