📝Expect Canada to Add 10K Jobs In September: RBC

We expect labour market data to show signs of stabilizing in September with 10,000 jobs added, which would leave the unemployment rate unchanged at 7.1%. The labour market weakened significantly through July and August, but early data on hiring demand (indeed.com job openings), and business confidence are not pointing to more significant deterioration.

The BoC made the move in September following a deterioration in the labour market over the summer, and highlighted the evolution of exports as a key indicator for considering the need for additional cuts, given uncertainty about the impact of U.S. tariff policy.

Any rebound that leans on part-time work would provide less reassurance about underlying strength in the market compared to gains in full-time positions. The increase in employment as of August this year is entirely a result of growth in part-time positions.- RBC