Canada's employment shrinks in September, jobless rate inches up
SPY•Canada lost 68,300 jobs in September, while the unemployment rate rose to 6.5% from 6.4% in August. Permanent employees’ average hourly wage growth rose to 2.3% year over year from 2%.
1. Jobs fall in September
Canada’s economy lost a net 68,300 jobs in September, after losing 41,700 in August. Analysts had forecast a gain of 9,200 jobs. The unemployment rate edged up to 6.5% from 6.4%.
2. Public-sector industries lead losses
Educational services and healthcare and social assistance together lost 58,400 jobs. Manufacturing employment fell by 12,700. Canada lost a net 41,200 jobs this year through September, compared with a gain of 211,300 over the same period a year earlier.
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 monetary policy decision later that month.
