TORONTO (Reuters) – Canada’s unemployment rate edged up to 6.6% in August, scaling a peak last seen more than seven years ago outside of pandemic years of 2020 and 2021, data showed on Friday.
The economy added a net of 22,100 jobs in August, fully driven by part-time employment, Statistics Canada said. Analysts polled by Reuters had forecast a jobless rate of 6.5% and net job additions of 25,000 in August.
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COMMENTARY
ANDREW GRANTHAM, SENIOR ECONOMIST, CIBC CAPITAL MARKETS
“Canadian employment rebounded slightly following two soft months, but the job gain couldn’t keep up with the pace of labour force growth and the jobless rate rose more than anticipated.”
“Overall, this was a slightly softer than expected report consistent with continued steady interest rate cuts from the Bank of Canada.”
(Reporting by Fergal Smith)