Canada's employment shrinks in September, jobless rate inches up
TLT•Canada lost a net 68,300 jobs in September, compared with analysts' forecast of a 9,200 gain, and unemployment rose to 6.5% from 6.4%. Permanent employees' average hourly wage growth increased to 2.3% year over year.
1. Jobs decline sharply
Canada lost a net 68,300 jobs in September, after losing 41,700 in August. The country has lost a net 41,200 jobs this year, compared with a gain of 211,300 over the same period a year earlier.
2. Public-sector losses lead
Education services and healthcare and social assistance together shed 58,400 jobs, while manufacturing employment fell by 12,700. Statistics Canada said fewer international students were one reason for the decline in education services jobs.
3. Participation and wages
The labor force participation rate fell 0.2 percentage points to 64.8%, its lowest level in 29 years outside the pandemic era. Permanent employees' average hourly wage growth rose to 2.3% year over year from 2% in August; the report came before the Bank of Canada's policy decision later in the month.
