Canada: Economy shed 52k jobs in August - TDS

Canada Sheds Jobs in August, Pushing Jobless Rate To 6.0%

Employment numbers in Ontario fell by 80000 in last month

Canada's unemployment rate is going against the grain as part-time jobs dipped last month.

Economists had expected an increase of 5,000 jobs for August and the unemployment rate to be 5.9 per cent, according to Thomson Reuters Eikon.

Windsor's rate is now tenth highest among 34 larger Canadian cities.

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The nation's unemployment rate went up 0.2 percentage points to land at 6 per cent. In the 12 months to August, part-time work decreased by 93,000 (-6.7%).

The often-volatile monthly employment numbers followed an increase of 54,100 positions in July. The reading represented a drop of 1.1 per cent for the province and pushed its unemployment rate up to 5.7 per cent, from 5.4 per cent.

Ontario, Canada's largest province, lost 80,100 jobs in August, all of them part-time, the biggest decline since 2009, reports Bloomberg News.

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The downbeat data came a day after by hawkish comments from a senior Bank of Canada official, capping a week in which the central bank left interest rates unchanged at 1.50 percent and said more increases are needed.

The LFS estimates are the first in a series of labour market indicators released by Statistics Canada, which includes indicators from programs such as the Survey of Employment, Payrolls and Hours (SEPH), Employment Insurance Statistics, and the Job Vacancy and Wage Survey.

The disappointing jobs data did not change investor expectations for a central bank interest rate rise next month, with chances of a hike at the October 24 meeting held at about 60 percent, money market data showed.

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