Economics
Canada Sheds Jobs for Third Month, Unemployment Rate Jumps to 5.4%
- Economy unexpectedly loses 39,700 positions in August
- Data may be early signal higher rates are starting to bite
Canada’s cumulative employment drop since May is now 114,000, suggesting that hiring activities may be moderating.
Photographer: Shannon VanRaes/BloombergThis article is for subscribers only.
Canadian employment levels unexpectedly fell for a third straight month in August and the jobless rate jumped, a potential signal interest-rate hikes have started to cool the tight labor market.
The economy shed 39,700 jobs last month, Statistics Canada reported on Friday in Ottawa, a surprise negative reading compared to the 15,000 gain anticipated by economists in a Bloomberg survey.