News Summary: Canada's December Jobs Up 40,000

By The Associated Press

MORE JOBS: The Canadian economy created 40,000 full-time jobs in December, driving the unemployment rate to its lowest in four years. Statistics Canada said Friday the unemployment rate slipped by one-tenth of a percentage point to 7.1 percent.

BETTER THAN EXPECTED: The results easily topped economists' estimates for a gain of 5,000 jobs nationally and an unemployment rate of 7.3 percent. November was also strong, with the economy creating 59,300 jobs.

GRAVITY DEFYING: "Canadian employment not only defied expectations in December, it also appears to be defying gravity," said Doug Porter, the Bank of Montreal's deputy chief economist.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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