11/8/14

Unemployment falls to near six-year low | Toronto Star

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Most of the 74,100 new jobs created in September were full-time work, Statistics
Canada says.
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Eating a donut in front of Tim Hortons at Logan and Danforth. Ontario added the most jobs in
September, StatsCan says, with food service jobs among the strongest gainers.
By: Dana Flavelle Economy, Business Reporter, Published on Fri Oct 10 2014

Canadas unemployment rate plunged to 6.8 per cent in September, its lowest level in
nearly six years, as the economy generated an eye-popping 74,100 net new jobs last
month, Statistics Canada says.
Ontario enjoyed the biggest gain, adding 24,700 new jobs, pushing the provinces
unemployment rate down to 7.1 per cent from 7.4 per cent in August, the federal
agency said Friday.
The labour market data delivered some much-needed positive news at the end of a
week that saw turmoil in financial markets amid fresh worries about slowing global
economic growth.

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Canada delivered shockingly strong jobs figures for September and an upbeat
quarterly Business Outlook Survey from the Bank of Canada, BMO chief economist
Doug Porter wrote in a note to clients.
Given Canadas dependence on exports, however, the pleasant surprise could be shortlived, economists said.
The Toronto stock market hit its lowest level since April on worries about the global
economy Friday, closing down 233.24, or 1.61 per cent, at 14,277.36. A strengthening
U.S. dollar also weighed on the Canadian dollar, which lost 0.35 of a U.S. cent to 89.15
cents (U.S.) despite the positive labour market data.

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Canadas jobless rate fell 0.2 percentage points in September to its lowest level since
December 2008, Statistics Canada said Friday. Most of the net new jobs 69,300

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11/8/14

Unemployment falls to near six-year low | Toronto Star

were in the desirable full-time category.
The last time the economy created this many job was in May 2013, when 89,500 net
new positions were added, also mostly full-time, Statistics Canada said.
I am pleased to see Septembers strong job growth that brings us to our lowest
unemployment rate since 2008, federal finance minister Joe Oliver said in a
statement.
Ontarios economic development minister Brad Duguid also hailed the monthly
employment numbers and noted Ontario has now created 514,000 net new jobs since
the 2009 global recession.

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Septembers positive job numbers helped us get over the top on this, Duguid said.
The labour market report beat economists consensus forecast for 20,000 new jobs
and an unchanged jobless rate in September, according to a survey by Thomson
Reuters.
While the data was encouraging, economists said they remain wary of the highly
volatile monthly data. Septembers outsize gain follows an 11,000 net job loss in
August, after a surprising 41,700 rise in July.
The worry is it could all be lost next month given the decidedly see-saw pattern of the
labour force survey over the past year, TD economist Leslie Preston wrote in a note to
clients.

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Septembers employment growth suggests that the economy might finally be catching
fire. One month of data, however, doesnt make a trend, Capital Markets Canadian
economist David Madani wrote in a report to clients.
Over the longer term, the numbers are headed in the right direction, RBC assistant
chief economist Paul Ferley wrote in a note to clients. Septembers hiring boosted the
year-to-date average to 17,500 net new jobs per month, up from 10,400 per month in
August, Ferley wrote.
The labour market report is in line with expectations Canadas economy will grow 3.1
per cent in the third quarter, chiefly on the strength of rising exports to the U.S, Ferley
wrote.
RBC predicts the Bank of Canada could begin raising its trend-setting interest rate by
next spring, the second quarter of 2015.
In September, more Canadians found work in food services and accommodation,
health care and social assistance, construction, natural resources, finance, insurance,
real estate and leasing, Statistics Canada said.
Fewer jobs were created in educational services, possibly due to the impact of the
teachers strike in British Columbia as school boards likely delayed contract hiring,
economists said.
Younger Canadians made gains, as 43,000 new jobs went to people age 15 to 24 years.
However, the youth unemployment rate increased by 0.1 percentage points to 13.5 per
cent as more young people looked for work, Statistics Canada said.
Provincially, hiring was strongest in Ontario, Alberta and Saskatchewan, Statistics
Canada said.
September was a great month in Ontario, but theres a long way to go, BMO senior
economist Robert Kavcic wrote in a regional labour market report. Job growth is tame
at 0.7 per cent year over year while manufacturing employment remained at a record
low.
Ontarios unemployment rate is moving in the right direction, hitting a near six-year
low, Kavcic noted.
In other encouraging economic news, the Bank of Canadas quarterly business survey
and senior loans officer survey, both released Friday, suggest Canadian companies are
becoming increasingly optimistic.

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Businesses, mainly exporters, see signs of modestly firmer demand, the central bank
said in the preface to its autumn outlook. That has not led to notable strengthening in

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11/8/14

Unemployment falls to near six-year low | Toronto Star

investment inventions for the next 12 months, the report noted.

On Twitter

However, more firms plan to hire over the next 12 months, the business survey found.
Septembers jobless rate (previous month in brackets)

Business
Tweets from a list by TorontoStar
Morgan Campbell
@MorganPCampbell

With files from The Canadian Press

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Hamilton 6.0 (6.3)

St. Catharines-Niagara 7.3 (7.9)
Kitchener-Cambridge-Waterloo 6.7 (6.4)
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London 7.4 (7.5)

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