OTTAWA — A rise in the unemployment rate in August, coming on the heels of job losses over the last few months, suggests the economy is beginning to slow amid…
The unemployment rate was 5.4 per cent in August, ticking up for the first time in seven months, Statistics Canada reported in its most recent labour force survey on Friday.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Overall, the Canadian economy lost 40,000 jobs last month in August, with the losses concentrated in the public sector. August also marked the third consecutive month of declines, with a total of 114,000 jobs lost over that time period.Article content The Bank of Canada is watching for any developments in the economy as it raises interest rates to quell inflation. Earlier this week, the central bank hiked its benchmark interest rate by three-quarters of a percentage point, bringing it to 3.25 per cent.
The job losses in August were primarily concentrated among women aged 15 to 24 and people between the ages of 55 to 64, while the labour force participation rate held steady overall. “This underlying story still suggests that there’s a lot of underlying strength and momentum in the parts of the labour market that are going to be most important to the Bank of Canada,” Watt said.
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