In July, the unemployment rate was 4.9 per cent, the lowest since comparable data first became available in 1976
OTTAWA — A rise in the unemployment rate in August, coming on the heels of job losses over the last few months, suggests the economy is beginning to slow amid rising interest rates.
BMO senior economist Sal Guatieri said the economy is starting to show some weakness after remarkable strength in the first half of the year. The report says employment gains in professional, scientific and technical services were offset by declines in education services and construction. An economic slowdown is expected as interest rates continue to climb, but the bank has said inflation is still too high for the cycle of rate hikes to end.
HSBC chief economist David Watt said looking beyond the headline job numbers shows some "quirks" in the labour market. A closer look at wage growth and employment among 25- to 54-year-olds suggests the labour market is still tight, he said. The report also looked at the unemployment rate among immigrants who arrived in Canada in the last five years. The unemployment rate for this group was 7.6 per cent, lower than any August since comparable data became available in 2006.The report also found the percentage of workers looking to leave their job was on the rise. According to the federal agency, 11.9 per cent of permanent employees were planning to leave their jobs within the next 12 months, almost double the rate in January.
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