Related
Canada's unemployment rate crept up to 6.5 per cent in August as 16,000 jobs were lost, Statistics Canada reports.
The August unemployment rate was up slightly from the 6.4 per cent seen in July.
Job losses in part-time positions exceeded gains in full-time employment, Statistics Canada said Friday.
August marked the third consecutive month that the economy lost jobs. In June, the country shed about 4,600 jobs, followed by roughly 5,500 in July. That followed a jump of more than 96,000 in May.
Last month, the country lost jobs in manufacturing, education, and public administration. Only the professional, scientific and technical services sector posted large job gains.
Alberta, which has seen booming economic growth as a result of expansion in the oil patch, added 8,000 new jobs. However, the provincial unemployment rate increased last month to 4.2 per cent from 3.6 per cent in July as people moved to Alberta to hunt for work.
Average hourly wages increased 3.7 per cent from August of last year, remaining above the rate of inflation, which most recently gained 2.4 per cent year over year. Hourly earnings in red-hot Alberta were up 8.3 per cent over the previous 12 months, owing to the demand for workers.
Despite the string of tepid job reports over the summer, economists don't think it will spur the Bank of Canada to action.
"Unless backed up by further weak economic releases, today’s report is unlikely to spur the Bank of Canada to cut interest rates," said Bank of Montreal economist Sal Guatieri.
"In our view, domestic demand remains sufficiently healthy to offset the ongoing weakness in net exports, thereby preventing a significant downturn in overall economic growth. Accordingly, we continue to expect the central bank to remain on hold for the foreseeable future," he said in a commentary.
TD Bank economist David Tulk said employment growth should return slowly over the coming quarters, averaging about 10,000 new jobs a month by the end of this year before picking up the pace in the second half of 2007. Tulk expects the unemployment rate to continue near its current level.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria, B.C., native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Accused in blast that killed Alberta mom handled her funds
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students, government to resume talks
- Syrian regime denies role in Houla massacre
- Lip-dub marriage proposal an internet hit
- Canadian Pacific strikers face back-to-work legislation
- B.C. NDP calls for unity in fighting coast guard closure
- Calgary Marathon winner breaks 21-year-old record

