Jobless rate at 30-year low

Compared to the U.S. situation, the Canadian jobless rate has been rather impressive. The unemployment rate dropped 1/10th of a point to 6.6 percent in October. That mark is the lowest since April 1975. The economy created 68,700 new jobs.

Statistics Canada reported that most of the new jobs were in the private sector and of the part-time variety. Employment growth in the trade sector, especially retail, was particularly strong.

While 6.6 percent seems like a high mark in contrast to the U.S. number, the figures are believed to be a lot closer to the truth than U.S. numbers. Also, the Canadian economy has been doing much better than the U.S. in the last few years.

It should be pointed out that despite the lower jobless rate, the Canadian Labour Congress says the numbers don't tell the whole story. CLC president Ken Georgetti noted that "around the kitchen tables of this country, people don't feel it." He noted in a statement that the quality of the new jobs being created is deteriorating, and said real hourly wages have not gained more than half a per cent in the last year.

However you look at the numbers, they look better. And that's good news.