**As seen in Risk In The Week report 09/29/23, subscribe at cablefxm.co.uk/reports
The Canadian labour market added almost 40K jobs in August, this came to top the consensus median of 20.0K and to post a rebound from the prior -6.4K. The month was led by full-time jobs with an increase of 32.2K, wages rose 5.2% Y/y. The unemployment rate held steady at 5.5%, this is the highest level since January 2022. The goods-producing sector shredded jobs for a second consecutive month, manufacturing posted a decline of 29.5K, services jobs increased by 42.4K. The desk at Scotiabank sees net employment printing at 15,000 and an uptick in the jobless rate, they warned that the labour report will be key as we head into the BoC October meeting when we will receive a fresh MPR. While Scotiabank pencils the September print below consensus, they reminded us that signs of a tight labour market remain in place. Record population growth, elevated job vacancies, and high job postings could bring another strong print this month, Scotiabank wrote.
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