Beverly Hills 12/5/2009 1:07:16 AM
News / Business

Unemployment Rate Falls in Canada with Addition of 79,000 Jobs

Finance World News Update by EQUITIES Magazine

In November, Canada’s unemployment rate fell to 8.5 percent as the economy gained 79,000 jobs.

 

According to Statistics Canada, full-time jobs rose by 39,000 and part-time jobs went up by 40,000, bringing down the unemployment rate from 8.6 percent in October.

 

Economists had expected a 15,000 gain in jobs overall in November.

 

"It's an amazing upside surprise," said Craig Wright, chief economist at the Royal Bank, "The fact that it's dipping lower is great news."

 

The U.S. unemployment rate unexpectedly fell to 10 percent last month despite employers cutting 11,000 jobs.

 

The Canadian dollar jumped 0.42 U.S. cents to 95.23 cents following the report.

 

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