Canada Labour Market Surpasses Expectations as Unemployment Rate Falls to 9%

Canada’s labour market appears to be carrying over summer job gains well into September, surpassing economists’ forecasts by nearly double.

According to the latest data released by Statistics Canada, the Canadian economy added an additional 378,200 jobs during the month of September, which is almost twice as many jobs compared to the median forecast of 150,000. Job gains were witnessed across a broad range of industries and sectors, and nearly all provinces except for Prince Edward Island and New Brunswick. This marks an overall 2.1% increase in employment, and puts Canada’s economy only 3.7% below its pre-pandemic February levels.

Some of Canada’s hardest-hit sectors as a result of pandemic shutdowns was the accommodation and food services sector, which still remains 15.3% below pre-pandemic levels. Nonetheless, September is the fifth consecutive months of gains for that sector, as employment levels increased by 72,000, or 7.4%.

According to Statistics Canada, the accommodation and food services industry is likely going to face additional challenges as outdoor dining subsides into the fall and winter season, while some provincial governments reintroduce COVID-19 restrictions. In the meantime, employment levels in education experienced a significant increase of 5% in September, and even surpassed pre-pandemic levels. This is due to many jurisdictions across Canada increasing staffing levels to better cope with coronavirus supports.

The unemployment rate also fell to 9%, which is 1.2% lower than the August rate of 10.2%, and is the fourth consecutive month of declines. There were a total of 1.8 million unemployed people across Canada in September, which is 10.5% lower than the prior month. Moreover, the unemployment rate is optimistically inching further away from its COVID-19 induced peak of 13.7% in May. Comparatively, the 2008/2009 recession unemployment rate peaked at 8.7%, and then took more than 9 years to rebound to its pre-recession rate.


Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Nearly 6.7 Million American Households at Risk of Eviction Once Unemployment Benefits, Eviction Moratoriums Expire

Despite the continued increase in coronavirus cases across the US and many Americans still unemployed,...

Friday, July 3, 2020, 07:14:00 PM

National Mood Hits New Low As Canadians Question Country’s Path

Nearly two-thirds of Canadians believe their country is moving in the wrong direction, reaching the...

Monday, January 27, 2025, 12:56:00 PM

Immigration to Canada Fell by Nearly Half in 2020 Amid Pandemic Travel Restrictions

The Covid-19 pandemic forced numerous countries to shut their borders to international travel and migration,...

Monday, February 15, 2021, 11:28:00 AM

Canadian Home Prices Were up Nearly 30% in February

Canadian housing prices jumped by yet another record in February, as buyers took advantage of...

Wednesday, March 16, 2022, 04:27:00 PM

Average Detached Home Prices In Mississauga Fall Over $523,000 Since January

September 2022 rates saw the average price of a detached home in Mississauga drop year...

Wednesday, October 12, 2022, 02:16:00 PM