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Canadian Economy Loses 51,600 Jobs, Led by Plunge in Ontario

  • Slowdown in labor market removes urgency for faster rate hikes
  • Drop was due to part-time employment, which fell by 92,000
Commuters On Bay Street As Canadian Stocks Mixed
Photographer: Brent Lewin/Bloomberg
Updated on

Canada’s economy unexpectedly lost 51,600 jobs, with wage gains slowing and Ontario recording its biggest employment drop in nearly a decade, removing any urgency for the central bank to accelerate rate hikes.

The nation’s largest province lost 80,100 jobs in August, all part-time, the biggest decline for Ontario since 2009. Nationally, the economy lost 92,000 part-time workers, though a 40,400 gain in full-time employment is one sign the labor market is firmer than the headline number suggests.