Canadians will get an updated picture of the jobs market when Statistics Canada releases its Labour Force Survey for September later this morning.
The jobs market surprised to the upside in August as employers added 40,000 positions in the month, double the consensus expectation among economists.
The jobless rate held steady at 5.5 per cent, ending a three-month streak of rising unemployment.
While the labour market has been surprisingly resilient despite higher interest rates, cracks have been starting to show in the data.
In September, Statistics Canada noted fewer workers switched jobs, as indicated by the falling job-changing rate, and job vacancies have been declining, signalling employers might be growing more reluctant to hire.
However, wage growth has remained strong – coming in at 4.9 per cent on an annual basis for August – which remains a key concern for the Bank of Canada in its fight against inflation.
