Canada's jobless rate dipped for the first time in nearly a year, signalling the recession could be retreating sooner than expected.
Statistics Canada figures for September show an 8.4% unemployment rate, the first decline since the economic crisis hit in the fall of 2008. Employment increased by 31,000, mostly due to full-time jobs.
The good news was mostly in the construction, manufacturing and educational service sectors, but jobs in transportation and warehousing dwindled.
Prime Minister Stephen Harper said while these numbers can be viewed as good news, he cautioned that Canada is not yet "out of the woods."
"Just as Canada was dragged into recession through no fault of our own, our recovery could be affected by economic events beyond our borders or political instability at home," he said during an infrastructure announcement in Welland, Ont. "That is why now is the time to stay the course, to finish implementing our plan and to build the foundations of Canada's future prosperity."
British Columbia, New Brunswick and Prince Edward Island saw the biggest gains last month, while Ontario's rise was slight due to big losses in part-time jobs offsetting substantial gains in full-time work.
Since the peak in October 2008, employment has fallen by 2.1%, losing 357,000 jobs.
SOURCE: KATHLEEN HARRIS, SUN MEDIA
No Question Is Wrong, What Matters Is You Get The Right Answer!
Century 21 United Realty Inc. Brokerage
Independently Owned and Operated