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.
The unemployment rate was 5.4 per cent in August, ticking up for the first time in seven months, Statistics Canada reported in its most recent labour force survey on Friday.
“The economy was doing very well up until a couple of months ago and now seems to have hit a pothole,” Guatieri said. However, CIBC said the loss of 50,000 jobs in education likely represents seasonal challenges and may reverse later. “With one more labour force survey before the October meeting, it still seems likely that at least one more rate hike will be in store before a pause is seen,” CIBC senior economist Andrew Grantham said in an email.
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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