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Canada job gains topped expectations in September

The Canadian economy posted stronger-than-expected job gains in September, fueled by advances in full-time work and in the services sector, bringing down the unemployment rate to a three-month low, latest data from the Statistics Canada showed.

Seasonally adjusted employment rose by 53,700 month over month in September, topping the consensus estimate for 5,000 job gains from economists polled by Econoday.

Canada's unemployment rate fell 0.2 percentage point to 5.5%, the lowest since the same rate was recorded in June.

Private sector employment fell by 21,600, while the public sector added 32,600 jobs. The number of self-employed workers increased by 42,100.

The services-producing sector added 49,400 jobs in September and the goods-producing sector gained 4,300 jobs.

Employment grew in the healthcare and social assistance industry and in accommodation and food services, while employment in information, culture and recreation, and in natural resources went down.

Full-time employment grew by 70,000 while the number of part-time jobs declined by 16,300.

Canada's "really strong" labor market suggests that the domestic economy still has "plenty of life" and reduces the prospect of interest rate cuts in the near term from the Bank of Canada, according to James Knightley, chief international economist at ING.