Unemployment rate reaches its lowest level in five years

Industry News & Insights The national unemployment rate

Statistics Canada released a good news Labour Force Survey this morning, indicating that the country’s overall unemployment rate had fallen to its lowest level in nearly five years.

As most economists were predicting, the economy added nearly 12,000 jobs over the past month. That along with the September trend of many students returning to school, has brought the national unemployment rate down to 6.9%. This is the first time we’ve seen an unemployment rate that was below 7% since December of 2008.

While the unemployment rate for younger workers is still nearly double the national average, youth unemployment is also down this month. It is similarly at its lowest level since before the recession, falling below 13% for the first time since 2008.

Workopolis recently released a report on student and youth unemployment with the top jobs posted for entry-level candidates as well as advice for younger workers to get noticed on the job market. You can read the full report in our Research Centre.

According to Stats Can, September saw were employment gains in finance, insurance, real estate and leasing as well as natural resources and agriculture. At the same time, there were employment declines in manufacturing and public administration.

Workopolis is seeing an increase in online job postings across regions and industries, and that along with the other key economic indicators that we watch closely show continued growth. So Workopolis is predicting positive hiring to continue throughout the month of October.

Holiday hiring is also ramping up. We have seen an 8% increase in part-time postings over the past few months, and these are also up 8% over this time last year. Retail job postings are also up almost 40% over the past two months.

Peter Harris

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