Canada's economy gained a much greater than expected net 39,900 jobs in August and the unemployment rate remained at 5.5%, official data showed on Friday, a sign of underlying strength despite high rates.
Analysts polled by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to edge up to 5.6% from July.
The labor market has been resilient even as the Bank of Canada raised its key overnight rate 10 times since March 2022 to cool the economy. Monthly employment growth is averaging 25,000 so far this year. The average hourly wage for permanent employees, a figure the central bank watches closely, rose by 5.2% from August 2022 compared to a year-on-year increase of 5.0% in July.
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