Flat jobs reading points to more action from the Bank of Canada, economists predict
Canada added 21,100 positions from August — just slightly above estimates for 20,000, the agency said. However, economists described the net gain as not statistically relevant, attributing it mostly to a 46,000 jump in education jobs.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Overall, conditions in the labour market remain tight. “Job openings have been edging lower but were running almost 60 per cent above February 2020 levels as of mid-September. And those job openings are competing for seven per cent fewer unemployed workers than pre-pandemic,” said RBC Economics in its analysis of the numbers.
National Bank economists Matthieu Arseneau and Alexandra Ducharme said that excluding the jump in education positions, “employment was down 25,000 in September, a third decline in four months for a cumulative loss of 57,000 jobs.”Article content Still, most economists agree the Bank of Canada won’t veer off its stated course of more rate hikes to address inflation and tamp down demand and wage pressures.
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