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New Brunswick's jobless rate holds steady at 7.8% in September

New Brunswick's jobless rate holds steady at 7.8% in September”

According to Statistics Canada's monthly labour survey, the city added about 100 jobs in September, while the number of people looking for work shrunk by about 400 people.

When using U.S. Labor Department methodology, Canada's jobless rate in September was 5.1%.

CIBC chief economist Avery Shenfeld had a different take on the report.

The national unemployment rate stayed at a nine-year low of 6.2 per cent in September after Canada added 10,000 net new jobs, including 112,000 full-time positions.

Analysts said the growth in wages was more encouraging than September's increase of 10,000 jobs, which was below forecasts and pointed to a cooling economy over the second half of the year.

Average hourly wages for permanent employees rose 2.2 percent from a year ago, the fastest annual pace since June 2016, the statistics agency said.

Scotiabank's Derek Holt said wage growth has seen some considerable gains in recent months and was only 0.5 per cent as recently as April.

Wage growth also perked up in the latest survey, a long-awaited development after it remained surprisingly low earlier in the year despite the steady tightening of the country's job market.

Although Holt continues to expect a hike at the central bank's meeting in December, he said the possibility of an October increase was still in play.

This resulted in a net increase of 10,000 jobs or 0.1 percent, which was nearly in line with analysts' forecast of 14,000 new jobs, but not enough to move the jobless rate.

The Bank of Canada has raised interest rates twice this year, spurred by strong economic growth that has put Canada at the top of the Group of Seven nations.

The run of 10-consecutive months of job creation marked the country's longest streak of total employment gains since February 2008.

More people worked in educational services as well as wholesale and retail trade in September, while employment fell in the information, culture and recreation sectors. There were employment declines in Manitoba and Prince Edward Island.



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