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Canada’s Unemployment Rate Hits 9-Year High, Boosting Odds of Rate Cut
Canada’s Unemployment Rate Hits 9-Year High, Boosting Odds of Rate Cut
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BTCCSquare news:
Canada's labor market stumbled for a second consecutive month, with the economy shedding 66,000 jobs in August—primarily part-time positions. The unemployment rate climbed to 7.1%, marking the highest level in nine years outside pandemic disruptions. Professional services and trade-exposed sectors like manufacturing bore the brunt of losses.
Market expectations for a Bank of Canada rate cut surged following the report, with CIBC noting weakened bond yields. The central bank faces mounting pressure after Q2 GDP contracted 1.6% annually, with only marginal recovery in July. Policy makers meet September 17 amid deteriorating economic indicators.
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