According to a Statistics Canada report, Canadian employers created 51,100 jobs in September, three times more than economists had predicted. This swell of employment brought the national unemployment rate down to 5.9 per cent, its lowest level since November 1974. Employment has been growing significantly faster in 2007 compared to last year, fueling the strong

Canadian economy and dollar. When the report was released, the Canadian dollar was trading at $1.0135 (U.S.).

Most of the job creation was in full-time employment, as this category grew at its fastest rate in four months. Wages are also on the increase amid a tightening labour force. Over the past year, hourly wages increased by 4.2 per cent, the largest increase in ten years and well ahead of Canada’s 1.7 per cent inflation rate.

In terms of leading industries, public sector work such as professional services, public administration, and education along with construction, utilities, and accommodation and food services were at the forefront of job creation. The self-employed sector also saw strong gains.

In Saskatchewan, all the new jobs pushed the provincial unemployment rate down by more than 1 percentage point. Alberta, with the lowest unemployment rate in Canada, continues to lead the country in job creation.