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News Summary: Canada's December jobs up 40,000

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.