Canada Jobless Rate at 40-Year Low

The unemployment rate fell to its lowest level in more than 40 years as Canada closed out a calendar year that saw it produce jobs at a pace not seen since 2002, The Canadian Press reported. Statistics Canada says the unemployment rate dropped to 5.7% in December, down from 5.9% the month before, to reach its lowest mark since comparable data became available in 1976. The unemployment reading fell last month as the economy generated 78,600 net new positions, including 23,700 full-time jobs. The agency’s labor force survey says employment in 2017 rose 2.3% for its fastest growth rate in 15 years. The economy added 422,500 jobs last year with the gains driven by 394,200 new full-time positions. In a separate report Friday, Statistics Canada says the country’s merchandise trade deficit widened to $2.5 billion in November, compared with a $1.6-billion deficit the month before, as imports outgrew exports.