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U.S. & Canada Jobless Rates Fall To New Lows
United States Of America & Canada – The unemployment rate in the United States fell to 3.9 percent, the lowest level since February 2020, indicating a prolonged job market recovery aided by a fast-recovering economy and strong labor demand.
Despite claims of severe labor shortages, the rate was still slightly higher than pre-crisis levels, although it likely fall further in the coming months as employers fill vacancies. The Country still is facing record quits. The number of jobless people fell by 483,000 to 6.3 million.
For the first time since the pandemic, the jobless rate in Canada fell to 5.9 percent in December of 2021, well below market expectations of 6 percent and just 0.2 percentage points from the rate recorded in February of 2020.
Employment rose by 54,700 (0.3 percent to 19,371,000) in the seventh month in a row, far outpacing market expectations of a 27,500 increase. The decrease in the unemployed population was 31,500 (-2.5 percent to 1,212,300).
At the same time, the percentage of the working-age population rose to a record high, rising from 65.3 percent last month.