Canada’s unemployment rate falls to its 6-years low level
Last month was the second in a row showing significant increase in the number of new jobs. This change helped to overcome the trend of alternating gains and losses for the first time in almost 2 years.
According to Statistics Canada, the unemployment rate also fell for the second consecutive month, reporting this time 6.5%. It’s the lowest rate since November 2008. Meanwhile, September showed 6.8% jobless rate.
In October, there were 43,100 new jobs created, following growth of 74,100 jobs in September.
It should be noted that two months of such strong results were quite surprising.
Looks like Scotiabank “is not richer than it thinks”
According to certain specialists, massive cost reductions at Scotiabank, including cutting 1,500 jobs, can be viewed as a sign of more changes waiting for Canadian banking industry.
Having survived after several years of significant economic difficulties relatively undamaged, Scotiabank decided to close 120 international branches, as bank is losing about $341-million after taxes from its fourth-quarter income.
As you know, Canadian largest banks will start reporting their annual financial results on December 2nd. The first in line is Bank of Montreal.