Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 2-Canada jobs surge in Sept, but driven by the self-employed

Published 2016-10-07, 09:31 a/m
UPDATE 2-Canada jobs surge in Sept, but driven by the self-employed
PNC
-

(Adds details, market reaction, background, byline)

By Leah Schnurr

OTTAWA, Oct 7 (Reuters) - Canada added far more jobs than expected in September, mainly because of the biggest increase in self-employed workers in more than seven years, data from Statistics Canada showed on Friday.

Economists did not expect the report, which has been volatile month-to-month, to move the Bank of Canada off the sidelines when it meets later this month. A senior policymaker said on Thursday there was still more slack in the labor market than the unemployment rate would suggest. cutting interest rates twice last year to offset the effects of plunging oil prices, the central bank is largely seen holding them where they are at least through next year. CA/POLL

The economy created 67,200 new jobs last month, handily topping the increase of 10,000 that analysts had forecast. The unemployment rate held at 7.0 percent, as expected, as slightly more people were looking for work.

But 50,100 of those jobs went to Canadians who consider themselves to be self-employed, the biggest monthly increase since June 2009.

"Behind Canada's great headline increase in employment, the details for September were still soft," said William Adams, senior international economist at PNC Financial Services Group (NYSE:PNC).

Still, Adams said, given September's employment growth, recent economic improvement and the gain in oil prices, the Bank of Canada is likely to hold rates through the end of 2017.

The Canadian dollar strengthened against the greenback following the report. Traders were also absorbing the U.S. jobs report, which showed employment growth there unexpectedly slowed for the third straight month. CA/ of Canada's increase in self-employed positions was in the health care and social assistance sector, according to the statistics agency. But that was offset by a decrease in public sector jobs within the industry, leaving it down a net 14,300 jobs.

Overall, the service sector led the way in job gains, with public administration adding 18,900 workers, while educational services jobs increased by 16,700.

The goods-producing segment of the economy fared well, with construction adding 6,400 jobs and manufacturing, 6,300.

For the third quarter, job gains were up just 0.3 percent, following little change in employment in the second quarter and a 0.2 percent improvement in the first.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic - Canada jobs, unemployment

http://link.reuters.com/fax39t Graphic - Full-time vs. part-time

http://link.reuters.com/pev29v Graphic - Temporary vs. permanent

http://link.reuters.com/xuf98v Graphic - Canada economic dashboard

http://graphics.thomsonreuters.com/15/sc-canada/index.html

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.