Surprising to some, the US unemployment rate fell to 7.8%, dropping below 8% in nearly four years. That bodes well for the OBama campaign. It shouldn’t come as a surprise that unemployment would decline a month before a Presidential election. The US added 114,000 jobs last month and created 86,000 more jobs in July and August than first estimated.
Canada on the other hand added about half as many jobs (a great number given the country is a 10th of the size as the US), however, the unemployment rate increased to 7.4% as more entrants into the workplace outweighed the number of new job adds. Hot markets like Calgary in fact saw an uptick in unemployment.