The jobless rate dropped to 5.7 per cent, near four-decade lows. (Bloomberg)

Talking point: The strong job numbers were driven by the fastest annual gains in hourly compensation since September, a strong increase in the youth employment rate. The turnaround follows a six-month lag in economic growth that some analysts took as a sign of a looming recession. Factors like the volatile financial market, tougher housing loans, soaring interest rates and setbacks from China with exports had put the Canadian economy in a tight spot. The labour market has been a bulwark against these other lagging indicators for a few months now. Its record high is coupled with other indicators of a potential turnaround: a shrink in the March trade deficit, a rise in wages and the stabilization of the Toronto housing market.