Canada’s economy saw a boost of 60,000 new jobs in September, surpassing expectations, with the manufacturing sector leading the way, according to Statistics Canada. The manufacturing industry added 28,000 jobs, marking its first employment increase since January amid challenges from the U.S. trade war. The rise in jobs was mainly observed in Ontario and Alberta, partially offsetting the 58,000 manufacturing job losses seen earlier this year.
Despite the positive job growth, the unemployment rate held steady at 7.1 percent as more people joined the workforce. Part-time employment decreased by 46,000, while around 106,000 full-time positions were created. BMO chief economist Douglas Porter acknowledged the strong performance in job creation, noting that employment had only marginally increased by 0.1 percent since trade uncertainties emerged in January.
Various sectors also experienced job gains, with health care, social assistance, and agriculture adding a total of 27,000 jobs. However, wholesale and retail trade suffered a loss of 21,000 jobs on a monthly basis. Alberta led in job gains among provinces, adding 43,000 jobs, followed by New Brunswick with 4,700 and Manitoba with 3,900 new jobs. Average hourly wages rose by 3.3 percent to $36.78 compared to the previous year.
The solid job figures are seen as a positive sign for Canada’s economy, with analysts suggesting that the labor market stability could influence the Bank of Canada’s upcoming decisions. The next inflation report is scheduled for October 21, with the Bank of Canada’s interest rate meeting set for October 29.
