Unemployment rate steady at 5.5% in August as economy adds 40K jobs: Statistics Canada
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Statistics Canada says the unemployment rate held steady at 5.5 per cent in August as the Canadian economy added 40,000 jobs.
Canada's labour market added more jobs than expected last month, holding the unemployment rate steady as economists watch for more signs of a slowdown.
The economy added 40,000 jobs, just enough to keep the unemployment rate from rising. The headline number was double the consensus expectation from economists.
Statistics Canada reported Friday the jobless rate held at 5.5 per cent in August, ending a three-month streak of rising unemployment.
"Canada's job market has been following a sawtooth pattern this year, with a soft report generally followed by a snapback, and this was the month for a minor snapback," said BMO chief economist Douglas Porter in a client note.
The decent job report bolsters financial markets' expectations that rate cuts are not imminent and even higher interest rates are a possibility.
Nevertheless, economists tend to focus more on trends in the economy, rather than one monthly report.
"You can never just solely focus on one of these employment numbers, because they are so volatile," said Andrew Grantham, CIBC's director of economics.
A developing low pressure skirting colder air in place across eastern parts of the country will bring snow, rain, and wind to the Maritimes on Thursday.
Toronto could see the first taste of winter weather this morning as a low-pressure system brings snow to the city on Wednesday morning.
Montreal's transit authority failed to properly consult with the public over its 'indefensible' plan to force an elderly couple out of their home to build a new ventilation station in Rosemont-La-Petite-Patrie, a commission was told Tuesday evening.
In the oldest Chinatown in the entire country sits Loy Sing, a business that holds the title of longest continually run Chinese business in North America. It has now been in operation for 136 years and counting.
The Provincial Auditor of Saskatchewan is recommending that the province improve its system of monitoring sales of farmland to foreign entities.
With seven months under their belt, Gather Local Market at River Landing continues to try new ideas to move their concept forward. The latest addition is helping small businesses get off the ground.
A Quebec man has been sentenced to prison after attempting to smuggle more than 1,000 forged documents into the country, including Canadian permanent resident cards and driver's licences.
An outspoken former Calgary bishop who was outspoken on several issues such as LGBTQ policy and school HPV vaccinations has died.
Revelations about a cheeky comment during a dinner meeting at president-elect Donald Trump's Mar-a-Lago resort between Trump and Prime Justin Minister Trudeau last week are creating waves.
The Waterloo Regional Police Service has issued a public plea after three youths fell through the ice at a Cambridge pond.
A man was severely injured Tuesday morning when he leaped onto a polar bear to protect his wife from being mauled in the Far North community of Fort Severn.