Canada added jobs in August and its unemployment rate fell for a third-straight month to a fresh post-crisis low, even though full-time employment declined steeply in the month.
Wages also rose at the fastest pace in 10 months, although still below the 2% level.
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The Canadian economy added a net 22,200 jobs in August, Statistics Canada said Friday, or above the consensus call for a 15,000 advance, according to economists at Royal Bank of Canada. On a year-over-year basis, Canadian employment increased 374,300, or 2.1%, with nearly 60% of the new jobs created over the past 12 months of the full-time variety, which tend to offer higher pay and steady benefits.
Meanwhile, the unemployment rate dropped to 6.2% in August, matching a level last recorded in October, 2008, or just before the onset of the financial crisis. When using U.S. Labor Department methodology, Canada's jobless rate in August was 5.3%.
The Canadian jobs report indicated the economy shed 88,100 full-time jobs, but that was offset by a 110,400 increase in part-time employment.
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(END) Dow Jones Newswires
September 08, 2017 08:45 ET (12:45 GMT)