The 1965 Canada–United States Automotive Products Agreement, more commonly known as the Auto Pact, marked an even more important turning point for Canadian exports and the economy.6 The Auto Pact freed trade in autos and auto parts between the two countries and guaranteed Canada a share of total auto production.
Since last fall, the jobless rate has been hovering around 4-1/2 percent, a relatively low level by historical standards, and it fell to 4.4 percent this past month.