September 8, 2023 By The Canadian Press
OTTAWA — Statistics Canada says the unemployment rate held steady at 5.5 per cent in August as the economy added 40,000 jobs.
Today’s report ends a three-month streak of increases in the jobless rate.
The federal agency says Canada’s strong pace of population growth means higher job gains are needed every month to keep the unemployment rate in check.
Employment increased in professional, scientific and technical services as well as construction, meanwhile, jobs were shed in education services and manufacturing.
Average hourly wage growth continues to be strong, rising 4.9 per cent on an annual basis.
The latest jobs data comes days after the Bank of Canada opted to hold interest rates this week as signs of a weakening economy grow.