Canadian Economy Cooling Raises Odds of Central Bank Rate Pause
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Employment and housing figures released today confirm that Canada’s economy is cooling faster than the central bank had forecast, indicating the Bank of Canada will refrain from raising interest rates until next year, economists said.
Employment in Canada unexpectedly fell by 6,600 jobs in September, the second drop in the past nine months, Statistics Canada said. The average monthly employment gain was 6,600 in the third quarter, down from 75,530 in the April to June period. Housing starts slowed to an annual pace of 186,400 units from 189,300 in August, Canada Mortgage and Housing Corp. said. In the U.S., employers fired 95,000 workers in September, the Labor Department said in Washington.