Unemployment rate holds steady at 5.5%.
Statistics Canada released its September labour force survey Friday morning, which shows the unemployment rate continued to hold steady at 5.5 per cent for the third month in a row.Canada’s labour market has cooled over the last year as interest rates have risen, but the unemployment rate remains below pre-pandemic levels.
Strong population growth has also been supporting larger monthly job gains, as more people enter the labour force. More people were working in educational services and transportation and warehousing. Meanwhile, jobs were shed in finance, insurance, real estate rental and leasing, information and recreation, and construction.The Bank of Canada’s rate hikes since March 2022 are beginning to be felt in the Canadian economy as growth slows and job vacancies fall. The central bank’s key interest rate currently sits at five per cent — the highest it’s been since 2001.
Despite these conditions, however, wage growth has outpaced inflation this year, making up for previous losses to price growth.
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