Statistics Canada is expected to release its latest snapshot of the job market this morning. Workers inspect walls in the Mount Royal tunnel as construction progresses for an electric light rail system in Montreal, Wednesday, May 1, 2024. THE CANADIAN PRESS/Christinne Muschi
OTTAWA – The economy added 47,000 jobs in September, while the unemployment rate declined for the first time since January to 6.5 per cent.
Statistics Canada says youth and women aged 25 to 54 drove employment gains last month, while full-time employment saw its largest gain since May 2022.
Despite the job gains, the employment rate was lower in September, reflecting continued growth in Canada’s population.
The unemployment rate has been steadily climbing over the past year and a half, hitting 6.6 per cent in August.
Inflation that month was two per cent, the lowest level in more than three years as lower gas prices helped it hit the Bank of Canada’s inflation target.
The central bank has cut its key interest rate three times this year after hiking it to fight inflation, and is widely expected to keep cutting as inflation has subsided.
This report by The Canadian Press was first published Oct. 11, 2024.
