Canada's economy creates record number of new jobs

The Canadian Dollar gained against the majority of its counterparts after a report showed employment in Canada rose in September, fuelling optimism the recovery remains on track. The Loonie climbed 0.2% to C$1.1168 per U.S. Dollar after the data release. Employers added the most jobs in over a year in September, which consequently pushed the jobless rate down to the level last time seen in December 2008. The economy created 74,100 new positions, after cutting 11,000 jobs last month, Statistics Canada said. The data came in well above analysts' forecasts, who had predicted 20,000 new jobs. The participation rate, however, remained unchanged at 66%. The private sector appeared to be the biggest driver of growth, creating a record number of 123,600 new positions, after the biggest plunge on record of 112,000 jobs in the prior month. Nevertheless, the number of self-employed position declined 55,600, the largest drop in more than 14 years, after creating a record 87,000 new jobs in August. Canada's unemployment rate fell to 6.8% last month, down from 7.0% a month earlier. 

Nevertheless, the Bank of Canada is expected to raise its overnight rate from 1%, where it has stayed for four years, as soon as the final quarter of 2015.