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OTTAWA –
Canadians will get a read on the health of the jobs market this morning as Statistics Canada gears up to release the August Labour Force Survey.
The jobs market has been showing signs of softening in recent months, with the unemployment rate climbing to 5.5 per cent as of July, marking the third straight monthly increase.
The labour market stalled in July, according to the reporting agency, but wage growth has continued to be strong — a point of contention for the Bank of Canada as it tries to wrestle inflation back to its two per cent target.
Average hourly wages accelerated to five per cent in July.
On Wednesday, the Bank of Canada decided to maintain its overnight rate at five per cent, influenced by signs that the economy is weakening.
Last week, Statistics Canada reported the domestic economy contracted in the second quarter, taking many economists by surprise.
This report by The Canadian Press was first published Sept. 8, 2023.
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