Canada’s labor market in August blew past expectations with one of the biggest employment gains in a decade, extending a run of solid data that is at odds with many other economies.
The Canadian economy added a net 81,100 jobs on a seasonally adjusted basis in August, Statistics Canada said. Market expectations were for a 15,000 increase, according to economists at BMO Capital Markets. All of the new jobs created were in the private sector, although more than two-thirds were part-time.
The strong jobs report more than made up for declines that were posted in
the previous two months and is expected to quell talk of an imminent interest-rate cut. While the Canadian economy is likely to slow in the second half of this year, its recent strength contrasts with many other
Germany is facing a looming recession, and the British economy contracted in the second quarter amid uncertainty over the country’s departure from the European Union.
The U.S. economy, meanwhile, added 130,000 jobs in August, but the pace of
hiring slowed, likely keeping the Federal Reserve on track to lower interest rates again this month. The U.S. economy has continued to expand at a solid pace despite rising trade tensions and global headwinds.
Source: Wall Street Journal