Employment reaches record high: StatsCan

Unemployment drops to 5.8 per cent

Employment reached an all-time high of 63.7 per cent in October, according to Statistics Canada.

The monthly labour force survey also found the unemployment rate continued to drop in October, reaching a new 33-year low of 5.8 per cent.

The 0.1 percentage point drop in unemployment from September was due to the creation of 63,000 new jobs in October.

Employment has increased by 2.1 per cent (346,000 new jobs) so far in 2007. This is the strongest January-to-October growth in the past five years.

Older workers (55 and over) accounted for the majority of the employment gain in October. The proportion of people 55 and over being employed reached a record high at 32.2 per cent.

Employment for older workers has increased 6.9 per cent this year, compared to just 1.2 per cent for those aged 25 to 54.

Women aged 25 and over also posted a record employment rate of 59.4 per cent in October and experienced the lowest unemployment rate (4.3 per cent) in more than 30 years.

Just like in September, more than half of employment gains were in Ontario, which saw 32,000 new jobs in October. Ontario's unemployment rate declined to six per cent.

The service sector, and especially health care and social assistance, "other services" and public administration, led the way in new jobs.

However, business, building and other support services, and accommodation and food services saw declines in jobs.

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