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Canadian Unemployment Rate Falls to 6.5% as Job Market Surges
In a surprising turn of events, Canada’s labour market exceeded expectations in September, adding a net 47,000 jobs. This surge in employment led to a drop in the unemployment rate to 6.5%, according to the latest data from Statistics Canada.
This marks the first decline in the unemployment rate since January, driven primarily by significant gains in full-time employment, particularly among youth and women aged 25 to 54. The robust job growth highlights the resilience of the Canadian economy amidst global economic uncertainties.
Economists had anticipated a more modest increase in employment, making this development a positive indicator for the country’s economic health. The data suggests that sectors such as healthcare, education, and professional services saw the most significant job additions.
As Canada continues to navigate post-pandemic recovery, these employment gains provide a hopeful outlook for sustained economic growth and stability.
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