The Canadian economy added 43,000 jobs in October, pushing the jobless rate down to its lowest level since November 2008.
Statistics Canada said Friday that Canada has now produced 182,000 jobs in the past year. But two-thirds of those jobs have come in the past two months.
The strong monthly figure is much better than what most economists had been expecting — a slight pullback after a strong September figure. Instead, it was the first time there have been back-to-back monthly gains since the end of 2012.
“Throughout this year, we’ve been trapped in an oscillating pattern of gains one month only to be followed by losses the very next month,” Scotiabank said in a research note ahead of the release of the data.
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