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 Canada added 67,000 new jobs but unemployment rate still the same

Canada added 67,000 new jobs but unemployment rate still the same

India Blooms News Service | 08 Oct 2016, 02:43 am
Toronto, Oct 7(IBNS): The Canadian economy recently added 67,000 jobs in September.

Yet, according to Statistics Canada’s recent report, despite the growing number of jobs, the unemployment rate seemed steady at seven percent.

Scotiabank economist Derek Holt says about the numbers, "Simply put, around as many people entered labour markets looking for work as those who got it.”

There were over 56,000 new jobs in the services sector, but manufacturing and construction had only 6,000 jobs. Education on the other hand, witnessed a large surge, but analysts view it as a seasonal change as the school started during the month.

Doug Porter, noted economist with the Bank of Montreal says, "Education employment jumped by 17,000 in the month, reversing three straight monthly declines through the summer — this sector is often plagued by seasonal wonkiness.”

As per the data agency, most of the new jobs were based part time. There were 44,100 part-time jobs while full-time jobs were up 23,000. Self-employment upscaled by 50,100.

However, the distribution of new jobs didn't really happen evenly across the country, with most from Quebec, Alberta and New Brunswick. There were minor changes in the other provinces.

Experts believe, the general uneven figures are in lieu with a recent trend. "Up and down, down and up. Canada's monthly job growth has been especially noisy over the past several months, echoing the volatility in the overall economy," TD Bank economist James Marple said.

"Looking through the monthly din, the trend is consistent with a moderate pace of growth, but one that appears to be turning the corner from its moribund state early in the year,” said Marple.

(Reporting by Debarati Mukherjee)

Canada added 67,000 new jobs but unemployment rate still the same

India Blooms News Service
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