The unemployment rate falls to 5.5% in Quebec and 6.5% in Canada in September

The Canadian economy added 47,000 jobs in September, while the unemployment rate fell to 6.5%, marking its first decline since January. In Quebec, the unemployment rate decreased by 0.2 percentage points to stand at 5.5%.

According to Statistics Canada, young people and women aged 25 to 54 were the drivers of job growth last month, while full-time employment saw its largest increase since May 2022.

Despite employment gains, the employment rate was down in September, reflecting continued growth in the Canadian population.

The unemployment rate has continued to rise over the past year and a half, reaching 6.6% in August.

That month, inflation stood at 2%, its lowest level in more than three years. The drop in gasoline prices in August mainly helped inflation return to the Bank of Canada’s target.

The central bank has cut its key interest rate three times this year, after raising it to combat inflation, and is widely expected to continue cutting it as inflation rises. ‘attenuates.

In Quebec, employment increased by 22,000 in September, driven by growth in full-time work (+1.4%), Statistics Canada said.