Canada's Unemployment Rate Drops To 7.6%

Canada's unemployment rate dropped in November to its lowest level in almost two years, as the economy generated 15,200 jobs, official data revealed Friday morning.

With Statistics Canada noting a significant decline in the number of young people participating in the labor market, the jobless rate fell to 7.6% from 7.9%.

November's jobless rate is the lowest since January of 2009, but the economy added fewer jobs than economists were expecting.

Consensus estimates called for an additional 19,000 jobs to be created in November.

In November, part-time gains were partly offset by decreases in full time. Over the past year, part-time employment has grown by 4.0%, a faster pace than the 1.4% growth in full time.

Jobs were added in health care, retail and wholesale trade, and the food industry, while employment fell in manufacturing as well as in finance, insurance, real estate and leasing.

Strong gains were seen in Ontario, while employers cut jobs in Quebec and Manitoba.

Since November 2009, when the labor market bottomed out amid a severe global recession, employment has risen by 318,000, or 1.9%.

While employment among youths was unchanged in November, there were fewer youths looking for work. As a result, their unemployment rate fell 1.4 percentage points to 13.6%.

Canada, RTT News
12/5/2010 10:26:27 PM