Canada’s unemployment rate was 5.4 percent in August, ticking up for the first time in seven months.
The economy lost 40,000 jobs last month, Statistics Canada reported in its latest labour force survey, with the losses concentrated in the public sector.
In July, the unemployment rate was 4.9 percent, the lowest rate since comparable data first became available in 1976.
The report says employment gains in professional, scientific and technical services were offset by declines in education services and construction.
CIBC says the decline of 50,000 jobs in education likely represents seasonal challenges and may reverse later.
The Bank of Canada is watching for any developments in the economy as it raises interest rates to quell inflation. An economic slowdown is expected as interest rates continue to climb….