In its latest labour market force survey, Statistics Canada said on Friday that the economy has added 157,100 jobs in September, recovering all pandemic losses.
Canada had lost more jobs earlier this year due to tighter COVID-19 regulations where the unemployment rate rose to 8.2% in May. However, 139,000 people entered the labour market in September bringing down the unemployment rate to 6.9% compared to 7.1% in August.
The unemployment rate continues to decline for the fourth consecutive month because of the number of Canadians entering the labour market. The change in the unemployment rate in September was actually driven by an increase in the number of Canadians participating in the labour market. The number of unemployed people was little changed in September.
The labour force participation rate - the percentage of the population that is either working or actively looking for work was 65.5% which matches the rate observed before the pandemic.
The numbers are a strong sign that the economy is recovering and this will strengthen predictions by Bank of Canada officials that the economy will post a strong rebound after contracting earlier this year.
References:
1) Hagan, S. (2021, October 8). Canada Adds 157,000 Jobs, Recouping All Pandemic Losses. Bloomberg.com. Retrieved October 10, 2021, from https://www.bloomberg.com/news/articles/2021-10-08/canada-adds-157-000-jobs-recouping-all-pandemic-losses.
2) Statistics Canada. (2021, October 8). Labour Force Survey, September 2021. Statistics Canada. Retrieved October 10, 2021, from https://www150.statcan.gc.ca/n1/daily-quotidien/211008/dq211008a-eng.htm?HPA=1&indid=3587-2&indgeo=0
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