On the eve of a federal election, out came news Friday morning that the Canadian economy added a stronger-than-expected 53,700 net jobs in September, with all the gains coming in full-time work and largely driven by the services sector
Figures released by Statistics Canada also appeared to reduce analysts’ expectations for a central bank rate cut this month.
The nation's number crunchers added the national unemployment rate fell to a near-record low of 5.5% from 5.7% in August. Wages for permanent employees rose 4.3% year-over-year. Analysts had forecast a gain of 10,000 jobs and an unemployment rate of 5.7%. Canada hit an all-time low jobless rate in May at 5.4%.
The Bank of Canada has not moved interest rates since October 2018, even as some of its counterparts - including the U.S. Federal Reserve - have eased. The bank’s next overnight interest rate decision is set for Oct. 30.
