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Canada Unemployment Holds Steady While Wages Still Run Hot

CANADA DATA
  • Canada jobs -2.8K in July vs the consensus for +25K, the second decrease in a row; the unemployment rate was unchanged at 6.4% vs +6.5% expected.
  • Average hourly wages for permanent employees +5.2% YOY after +5.6% in June, wage growth was expected to slow to +4.8%. The BoC has said they will look at broader measures of wage growth.
  • Hours worked +1% MOM, +1.9% YOY.
  • Labour force -11.4K MOM while population +125.4K. The participation rate -0.3 pp to +65%, the lowest rate since June 1998 excluding the pandemic and driven by young people.
  • In the past year the unemployment rate of recent immigrants +3.1 pp to +12.6%.
  • This is the last jobs report before the BoC's next interest-rate decision on September 4th where the Bank is widely expected to cut rates for a third meeting in a row.
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