This article was last updated on April 16, 2022
Canada: 
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A recent report has confirmed that employment in Canadian unexpectedly declined in August, primarily due to a record drop in private-sector jobs, which dejected optimism of policy makers’ about Canada’s economic recovery. The Statistics Canada report pointed out that employment decreased by 11,000 and the jobless rate was unchanged at 7.0 percent. Whereas on the other hand, economic surveys had expected a 10,000 job increase and an unchanged unemployment according to median forecast.
The report revealed that the employment loss masked the 111,800 decline in private-sector jobs. The assistant chief economist at Royal Bank of Canada, Paul Ferley, mentioned in his remarks during a telephone call from Toronto that “certainly it’s not an encouraging trend” in employment. He explained that economy’s growth rate won’t be sustained unless “labor markets continue to make a contribution with increased hiring.” Whereas on the other hand, Finance Minister Joe Oliver had previously boasted about Canada’s job market as a sign of strength in comparison to global peers ahead of an election scheduled for next year.
Meanwhile, The Bank of Canada mentioned this week that it will take two years to use up slack in the economy as it kept a neutral bias on its 1 percent policy interest rate. According to a research note issued by the chief economist at BMO Capital Markets in Toronto, Doug Porter, “in this environment of productivity-led growth, the Bank of Canada will continue to feel zero urgency about talking about raising rates, let alone actually raising them.”
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