Canada Unemployment Rate Down to 6-Year Low

Canadian jobless rate fell to 6.5 percent in October of 2014 from 6.8 percent in September. It is the lowest rate since November of 2008. Employment edged up for the second consecutive month by 43,100.

Compared with October of 2013, part-time employment rose by 101,000 (+3.0 percent) and full-time employment was up 81,000 (+0.6 percent). Over the same period, the number of hours worked rose slightly (+0.4 percent).

All of the employment gains in October were among people aged 25 to 54, with most of the increase among women in this age group. Employment was little changed among youths aged 15 to 24 in October. However, their unemployment rate declined 0.9 percentage points to 12.6 percent as fewer youths searched for work. On a year-over-year basis, youth employment was up 39,000 (+1.6 percent).

Provincially, employment rose in Ontario, Manitoba, Nova Scotia and Prince Edward Island, while it declined in New Brunswick.

In October, employment grew in retail and wholesale trade; finance, insurance, real estate and leasing; manufacturing; and educational services. At the same time, employment was down in public administration, 'other services' and natural resources. Private sector employees increased by 71,000 in October, with notable gains in retail and wholesale trade, manufacturing, as well as finance, insurance, real estate and leasing. Self-employment also increased, up 26,000. At the same time, public sector employment fell by 54,000, mostly in public administration. The number of people employed in natural resources was down 22,000 in October. Compared with 12 months earlier, employment in the industry declined by 24,000 (-6.2 percent).

 Canada Unemployment Rate Down to 6-Year Low

Statistics Canada | Carolina Cunha |
11/7/2014 1:58:32 PM