Statistics
Canada announced on Friday that the number of employed people increased by 22,100
m-o-m in August (or +0.1 per cent m-o-m) after an
unrevised decline of 2,800 m-o-m in the previous month. This marked the first gain
in Canada’s employment in three months.
Economists had forecast
an advance of 25,000 m-o-m.
Meanwhile,
Canada's unemployment rate jumped to 6.6 per cent in August
from an unrevised
6.4 per cent in the previous
month, slightly above economists’ prediction
of 6.5 per cent. This represented the highest rate since October 2021 (6.7 per
cent).
According to
the report, full-time employment declined by 43,600 (or -0.3 per cent m-o-m) in August, while part-time jobs climbed by
65,700 (or +1.8 per cent m-o-m).
Over the month,
the number of public sector employees decreased
by 8,600 (or -0.2 per cent m-o-m), while the number of private sector employees
rose by 38,200 (or +0.3 per cent m-o-m). At
the same time, the number of self-employed dropped by 7,400 (or -0.3 per cent
m-o-m).
Sector-wise, employment
increased in both goods-producing (+0.1 per cent m-o-m) and services-producing
(+0.1 per cent m-o-m) businesses.
The average hourly wages grew 4.9
per cent y-o-y (or +CAD1.70) to CAD36.49 in August, slowing from a 5.2 per cent y-o-y gain in July.