Canada returns to pre-pandemic employment levels - BNN

Canada has recovered all of the three million jobs lost to COVID-19.

The country’s economy added 157,100 jobs in September, returning the economy to pre-pandemic levels, Statistics Canada said Friday in Ottawa. That compares with economists’ expectation of 60,000 new jobs, according to the median estimate in a Bloomberg survey. The unemployment rate fell to 6.9 per cent from 7.1 per cent in August. Hours worked were up 1.1 per cent in the month but remain 1.5 per cent below their pre-pandemic level.

Friday’s report is a welcome sign for the nation’s economy and suggests companies are willing and able to hire workers as virus restrictions ease and high vaccination rates boost optimism among consumers and businesses. The better-than-expected job gain will reinforce the expectations of Bank of Canada officials that the economy will post a strong rebound after contracting earlier this year amid a third wave of COVID and ensuing restrictions.

The Canadian dollar spiked, rising to $1.2510 per U.S. dollar at 8:34 a.m. in Toronto. Bonds fell; the two-year benchmark yield hit its highest level since March 2020, rising as high as 0.656 per cent.

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Canada returns to pre-pandemic employment levels - BNN
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