Canada added 47,000 jobs in September, and the unemployment rate fell to 6.5% for the first time since January. The biggest gains were among young people and women aged 25 to 54, with the largest gain in full-time employment since May 2022. However, analysts say the picture remains mixed.

While the results are at odds with economists’ expectations of rising unemployment, the decline in the labour force participation rate adds an element of caution. Hours worked fell 0.4%, and the employment rate also fell slightly.

Despite some positive news, such as private sector gains of 61,200 jobs, the overall trend in the economy remains challenging. The unemployment rate has been rising for the past year and reached 6.6% in August. Moreover, wages increased by 4.6% compared to last year, which slowed their growth compared to previous months.

Yuri B