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Canada gains 378,200 jobs, blowing past expectations

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Canada’s economy added 378,200 jobs in September, more than double the median forecast, on a broad-based pickup in hiring.

It was a fifth-straight month of gains, and means the labor market has now recovered three quarters of the 3 million positions lost during March and April. The jobless rate fell to 9 per cent, from 10.2 per cent in August. Economists were expecting a job gain of 150,000 and an unemployment rate of 9.8 per cent.

Friday’s figures show the country’s economy is continuing to recover. The jobs gain was widespread across industries, with increases in manufacturing, education and accommodation. Most were in full-time work.

It’s unclear how long the improvement will last. Canada is in the midst of a second wave of COVID-19 cases and some cities have already forced some businesses to close again to curb the outbreak. Further restrictions risk reversing the current recovery and could prompt more damage to the labor market.

Bloomberg.com

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