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August Employment Beats Forecasts

CANADA DATA
  • Employment +39.9k in August vs Bloomberg forecast of +17.5k. Professional, scientific, and technical services led the increase with construction following closely after, although not enough to counter the drop in July. 
  • The unemployment rate remained unchanged from July at +5.5% after three consecutive monthly increases.
  • Year over year, average hourly wages were +4.9% in August from +5% in July. High wage growth was cited as a key inflation risk in the Bank of Canada's rate decision on Wednesday. 
  • Hours worked increased by +0.5% on a month-to-month basis and is up +2.6% from a year ago.
  • There are signs of labour demand re-balancing as the involuntary part-time employment rate was +18.9% in August compared to +17.2% in August 2022.
  • Immigration is boosting the labour force faster than employment, over the last year labour force +577K while employment +500K.
  • Industrial capacity utilization +81.4% in Q2 from +81.8% in Q1 as construction utilization at lowest levels since Q3 2020.  
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