Jobless rate drops to 6.5% in September. What that means for rate cut hopes – National [Video]

The Canadian economy added some 47,000 jobs in September, enough to lower the unemployment rate for the first time since the start of 2024.

Statistics Canada said Friday that job gains were focused in full-time work and in the private sector, offset by losses in part-time roles and public employment.

That drove the jobless rate down a tick to 6.5 per cent, which StatCan said was the first decline since January. The unemployment rate was 6.6 per cent in August, then a seven-year high outside the pandemic years.

The information, culture and recreation sector, the wholesale retail and trade segment and the professional, scientific and technical services industries all contributed more than 20,000 job gains in September.

StatCan noted that job gains in youth helped to reverse what had been a weakening trend in the labour market for that youngest demographic of workers. Youth aged 15 to 24 added 33,000 jobs last …