Canada adds 53,700 new jobs in September; unemployment rate falls to 5.5 percent

Statistics Canada reported on Friday that the number of employed people surged by 53,700 m-o-m in September, while economists had forecast a gain of 10,000 and after an unrevised climb of 81,100 in the previous month.

Meanwhile, Canada's unemployment remained dropped to 5.5 percent in September from 5.7 percent in August, while economists’ had forecast the rate to remain unchanged.

According to the report, full-time employment increased by 70,000 (or +0.5 percent m-o-m) in September, while part-time jobs dropped by 16,300 (or -0.4 percent m-o-m).

In September, the number of public sector employees grew by 32,600 (+0.8 percent m-o-m), while the number of private sector employees declined by 21,000 (-0.2 percent m-o-m). At the same time, the number of self-employed jumped by 42,100 (+1.4 percent m-o-m) last month.

Sector-wise, there were more people working in health care and social assistance (+30,000), as well as in accommodation and food services (+23,300). At the same time, there were declines in information, culture and recreation (-36,700), and in natural resources (-7,000).

On a year-over-year basis, employment grew by 456,000 (+2.4 percent) in September, driven by gains in both full- (+386,000 or +2.5 percent) and part-time work (+69,800 or +2.0 percent).

In the third quarter, employment increased by 111,000, or 0.6 percent, following a 0.7 percent growth rate in the second quarter.