Canadian Jobs — The 7% Dilemma

From economics.bmo.com

Canadian employment fell by a hefty 65,500 in August following a 40,800 drop the prior month, taking the jobless rate up two ticks to 7.1%. Suffice it to say that this was worse than expected, and arguably the weakest jobs report since the pandemic days. The two-tick rise in the unemployment rate is especially noteworthy, lifting it above the 7% threshold for the first time since 2016 (aside for the 2020-21 trauma). The details of the release were not quite as dire as the headline results, but still mostly weak. The job losses were concentrated in part-time positions (-60k) and self-employment (-43k), but full-time ... (full story)