Canadian economy added 43,100 new jobs in October: StatsCan

Canada’s unemployment rate dropped to 6.5 per cent last month, its lowest level since November 2008.

According to Statistics Canada, the economy generated 43,100 net new jobs in October, pushing the jobless rate down 0.3 percentage points from September.

The October gain follows an increase of 74,100 jobs for September, which marked the first time since December 2012 that StatsCan’s jobs report recorded two consecutive months of employment growth.

The report found employment was up one per cent from a year ago, with the increases of the past two months making up about two-thirds of that boost.

Provincially, the survey listed job gains in Manitoba, Ontario, Prince Edward Island and Nova Scotia, while employment decreased in New Brunswick. Other provinces saw only marginal changes in employment.

In the manufacturing sector, there were 33,200 more jobs in October compared to the previous month, and the industry saw a two per cent increase from a year ago.

StatsCan also said that the natural resources sector shed 22,200 jobs in October, delivering a 6.2 per cent decline in the industry over the last 12 months.

Finally, StatsCan said the youth unemployment rate for October fell 0.9 percentage points to 12.6 per cent, as fewer young people searched for work.