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Canada Unemployment Rate 6.6%, Highest Since May 2017 Ex Pandemic

CANADA DATA
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  • Canada unemployment rose +6.6% MOM, the highest since May 2017 excluding pandemic. That is in line with forecasts and was up from +6.4% seen in both June and July. 
  • Jobs +22.1K in August vs +29K expected, driven by educational services and healthcare.
  • Labour force +82.5K MOM as population +96.4K. 
  • Average hourly wages among employees +5% YOY in August from +5.2% in July. 
  • Hours worked -0.1% MOM and +1.4% YOY.
  • Compared to a year ago, employment in August +317K lagging behind the increase in labour force at 589K. 
  • The Bank of Canada sees risk of economy lagging its forecast in H2 amid growing signs of labor market weakness. BOC has said it is reasonable to expect further cuts in interest rates if inflation continues to ease broadly.  
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  • Canada unemployment rose +6.6% MOM, the highest since May 2017 excluding pandemic. That is in line with forecasts and was up from +6.4% seen in both June and July. 
  • Jobs +22.1K in August vs +29K expected, driven by educational services and healthcare.
  • Labour force +82.5K MOM as population +96.4K. 
  • Average hourly wages among employees +5% YOY in August from +5.2% in July. 
  • Hours worked -0.1% MOM and +1.4% YOY.
  • Compared to a year ago, employment in August +317K lagging behind the increase in labour force at 589K. 
  • The Bank of Canada sees risk of economy lagging its forecast in H2 amid growing signs of labor market weakness. BOC has said it is reasonable to expect further cuts in interest rates if inflation continues to ease broadly.