Canada's Employment Surge Signals Economic Rebound
In October, Canada saw a significant improvement in its job market, with 66,600 new positions created and the unemployment rate dropping to 6.9%. This growth was driven by part-time job gains and was primarily within the private sector. The youth unemployment rate also showed an encouraging decline.
Canada's job market made a remarkable recovery in October, according to data released on Friday. The country added 66,600 jobs, which effectively reversed previous declines and exceeded expectations. The unemployment rate fell to 6.9%, down from 7.1% in September, signifying a strengthening economy.
The job surge was predominantly in the part-time sector, where employment rose by 85,000. Conversely, full-time employment experienced a decrease of 18,500 jobs. Notably, all gains were observed in the private sector, marking its first increase since June, as reported by Statistics Canada.
October also noted a significant decline in youth unemployment, dropping to 14.1% from 14.7% in September. Sectors such as wholesale, retail, transportation, and warehousing were key contributors to the employment increase, particularly boosting the services sector, which employs four out of five workers in Canada.
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