Canada's unemployment rate held steady for the third consecutive month in September amid a gain of 64,000 jobs, Statistics Canada said Friday.
That’s a bigger jump than then 40,000 jobs added in August, when the unemployment rate also held steady at 5.5 per cent.
Average hourly wages were up 5.0 per cent in the month, rising at a slightly faster pace than the 4.9 per cent seen in August. Grantham said the pace of wage growth “remained stronger than policymakers would like to see,” but he argued the gains are still reflecting a catchup from workers bidding up wages to offset the past year’s inflationary impacts.“With the unemployment rate off last year’s lows and job vacancies continuing to fall, wage inflation could ease fairly quickly next year,” Grantham said.
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