JOBS DATA --
Overall job growth slowed last month providing one more indication that economic growth is slowing rapidly as compared to the first half of the year.
Statistics Canada reported that the Canadian economy lost 6,600 jobs in September. In a sign that fewer people, primarily young people, are actively pursuing work, the unemployment rate dropped slightly to 8%.
Economists had estimated an overall job growth of 10,000 last month, with the unemployment rate staying at 8.1%
In September, part time employment fell by 44,000, which offset an increase of 37,000 in full-time jobs.
Employment among people 15 to 24 years old dropped by 42,000, with the decline concentrated in Ontario.
HOUSING STARTS --
Canadian housing starts fell 1.5% in September, primarily as a result of a decrease in new construction of single-family dwellings in Atlantic Canada and Ontario, data revealed today.
New home construction fell to a seasonally adjusted annualized rate of 186,400 units from a revised 189,300 units in August, Canada Mortgage and Housing Corp. reported.
Analysts had forecast 180,000 starts for September. August starts were previously reported at 183,300 units.
Starts of urban single homes dropped 8.1% to 63,600 units, while multi-unit dwellings were unchanged in the month at 99,600 units.
Rural starts were estimated at a seasonally adjusted annual rate of 23,200 units in September.
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