By Canadian Press

Statistics Canada to release August jobs report today amid labour market slowdown

Sep 6, 2024 | 1:02 AM

OTTAWA — Statistics Canada is set to release its August labour force survey this morning.

Economists polled by Reuters are forecasting employers added 25,000 jobs and the unemployment rate rose to 6.5 per cent in the month, according to LSEG Data & Analytics.

Canada’s jobless rate has been rising for the last year and a half as high interest rates slow economic activity.

The unemployment rate was 6.4 per cent in July.

The Bank of Canada cut its key interest rate for the third time in a row on Wednesday and signalled more rate cuts are on the way, so long as inflation continues to cool.

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Governor Tiff Macklem says if the economy slows by more than expected or inflation dips rapidly, the central bank is ready to cut interest rates faster.

This report by The Canadian Press was first published Sept. 6, 2024.

The Canadian Press