"I think the Bank will be more focused upon the wage side of the picture - the modest acceleration that we have there that's ongoing," said Derek Holt, vice president of Capital Markets Economics at Scotiabank.
That wage pressure, which can fuel inflation, will likely keep the Bank of Canada in rate-hiking mode, economists said. Still, full-time employment was 3.9% higher than a year ago, Statscan said.Īnd wage gains continued to accelerate in August, up 5.6% on the year compared with 5.4% in July, with more people saying they were planning on leaving their current jobs in the next 12 months, citing pay and benefits as their top reason.
Three straight months of job losses "hasn't historically happened outside of a recession," said Royce Mendes, head of Macro Strategy at Desjardins Group, adding: "The deterioration in the job market appears to be occurring faster than anticipated." In August, construction jobs also fell sharply. Over those same three months, job losses were concentrated in educational services, an often volatile segment during the summer months, and wholesale and retail trade. In June and July the majority of those losses were attributed to people leaving the labor force, but that trend reversed in August as 66,200 people joined the workforce.
"When you look at the increase in the unemployment rate, that does suggest that maybe a little bit of slack is starting to return to the labor market, though it's not a complete process and it will be a slow process," he added.Ĭanada has lost a net 113,500 jobs in the last three months.
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