Canada’s labour market stumbles again with loss of 68,000 jobs in September
Canada's labor market experienced a second consecutive month of job losses in September, with 68,000 positions cut and the unemployment rate rising to 6.5 percent. Economists suggest these figures may influence the Bank of Canada to maintain current interest rates.
Why it matters
The decline in employment signals potential economic instability in Canada, complicated by ongoing trade tensions and global inflationary pressures.
Workers finish highway overhead structures at the ALU MC3 aluminum factory in Sainte-Julie, Que. Canadian employment fell by 68,000 in September and the unemployment rate nudged up to 6.5 per cent. ROGER LEMOYNE/The Globe and Mail
Canada’s labour market stumbled in September, posting a second consecutive monthly decline and reinforcing forecasts that the Bank of Canada will hold interest rates steady later this month.
Employment fell by 68,000 in September, adding to a loss of 42,000 jobs in August, Statistics Canada reported on Friday. The unemployment rate nudged up to 6.5 per cent from 6.4 per cent.
The economy has faced serious headwinds over the past couple years, most notably tariffs imposed by the United States. The trade war has intensified with the introduction of new tariffs in recent weeks and negotiations between Ottawa and Washington have been suspended since August.
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