Canada’s labour market added 40,000 jobs last month and the unemployment rate held steady as economists watch for more signs of a slowdown.
Statistics Canada reported Friday the unemployment rate held at 5.5 per cent in August, ending a three-month streak of rising unemployment.
The monthly labour force surveys show Canada’s population has been growing by an average of 81,000 people every month this year. That pace of growth requires job gains of about 50,000 each month to keep the unemployment rate steady, said Statistics Canada. The latest jobs report comes days after the Bank of Canada opted to hold its key interest rate steady at five per cent.
The labour market has also eased in recent months as job vacancies fall and the unemployment rate sits higher.
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