The unemployment rate held steady at 5.2 per cent
Several analysts were encouraged by the underlying details: Job creation was entirely in full-positions and mostly in the private sector. Total hours worked rose 0.7 per cent, an early sign that economic growth will remain positive in the fourth quarter.
The acceleration in wages will likely draw the Bank of Canada’s attention. The central bank recently hinted that its campaign of outsized rate hikes is nearing an end. However, Friday’s report suggests labour demand is strong and employers are willing to pay up – a potential concern, to the extent that rising wages put more upward pressure on consumer prices.
The Bank of Canada raised its policy rate by half a percentage point last week to 3.75 per cent, a surprising move to traders and private-sector economists, who expected a steeper hike of 75 basis points. At the time, the central bank projected that economic growth would stagnate – and perhaps turn negative – soon.
Still, those forecasts are far different from the picture of strength in Friday’s labour report. The unemployment rate, at 5.2 per cent, is near the lowest in nearly five decades of comparable data, while the number of people participating in the labour force jumped by 110,000.
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