Canada adds 40K jobs in August; unemployment rate holds steady
The national unemployment rate was unchanged at 5.5 per cent in August amid a gain of 40,000 jobs, Statistics Canada said Friday.
Canada’s population growth outpaced job gains in the month, according to the agency.
Growth was led by the professional, scientific and technical services sector with 52,000 new jobs, and the construction industry bounced back with a gain of 34,000 positions. Gains here were offset by loses in educational services and manufacturing.
On Wednesday, the Bank of Canada decided to maintain its overnight rate at five per cent, but highlighted that it was watching for more moderation in wage growth in the months to come as it weighed whether rates would need to rise higher.
Average hourly wages were up 4.9 per cent year-over-year in August, StatCan said, a slight cooling from the 5.0 per cent increase seen in July.
The jobs market has been showing signs of softening as of late, with the unemployment rate rising three consecutive months before August.
Statistics Canada said Friday that there are signs in the labour force data that it’s harder for job seekers to find work.
The proportion of workers remaining unemployed between July and August was higher compared to a year earlier, StatCan noted.
The job-changing rate, which refers to the proportion of workers who stay employed but switch positions month-to-month, was 0.4 per cent in August — down from a peak of 0.8 per cent in January 2022.
“A lower job-changing rate may indicate that workers are settling into jobs, or that the labour market has become less favourable to employees seeking new opportunities,” StatCan wrote.
More to come.
— with files from The Canadian Press
Read more on globalnews.ca
