Choose your settings
Choose your language
Economic News

Canada: Ugly Job Losses Signal Slowdown

September 9, 2022
Marc Desormeaux
Principal Economist

Net total Canadian employment fell by 40k in August 2022—the third consecutive monthly decline. More and deeper job losses—increasingly concentrated in full-time positions—combined with continued weakness in labour force participation and hours worked suggest that a Canadian economic slowdown is underway. The weakness of today’s data likely means the Bank will be debating between the merits of a 25bp or 50bp rate hike in October rather than the more aggressive moves made in recent meetings.

PDF Publication

See the full publication in PDF.