World Economy

Canada Jobless Rate Drops

Canada Jobless Rate DropsCanada Jobless Rate Drops

Canada’s unemployment rate unexpectedly fell to a six-year low last month on hiring led by retailers and financial companies. Employment rose by 43,100 after a jump of 74,100 the prior month and the jobless rate fell to 6.5 percent from 6.8 percent, Statistics Canada said today in Ottawa. Both results exceeded all economist predictions in a Bloomberg News survey that called for unemployment to rise to 6.9 percent on 5,000 job losses. The biggest two-month increase in jobs since April 2012 suggests the torpor that had plagued the nation’s labor market may be lifting. Average monthly increases had slowed to 12,200 since the beginning of 2013.