Statistics Canada released today data showing that the country’s unemployment rate has hit a 33-year low, dropping to 5.8 per cent in October. Last month saw 63,000 new jobs created, mostly in the public sector.
Canada’s unemployment rate dropped a tenth of a point, from 5.9 per cent in September, to 5.8 per cent last month. This is the second consecutive month where the jobless rate has been under the 6 per cent mark, explains a Canadian Press report.
October saw 63.7 per cent of Canadians 15 years and older having jobs, a new employment record. Wages have also increased, with employers paying 4.1 per cent more for employees' hourly labour than a year ago, well above the 2.5 per cent inflation rate.
Gains continue to be made by women and older workers, the Stat Can report indicates. October saw 35,600 more adult women aged 25 working than the previous month, resulting in a record employment rate of 59.4 per cent and the lowest unemployment rate in 30 years at 4.3 per cent for this class of worker.
Older workers continued to enter the workforce and 32,000 more Canadians over 55 years old found jobs last month.
The public sector experience more growth than the private sector, with times more new jobs, or 38,000 to 6,500.
While the overall unemployment rate has improved, the manufacturing sector has continued to face hardships, with 3,500 jobs lost in October.
So far this year, the Canadian economy has created 346,000 new jobs, a 2.1 per cent increase.