The national rate of unemployment was unchanged in September and remains the highest it’s been in four years, as economic challenges from the trade war and tariffs continue to hinder business growth.
Statistics Canada reported Friday that September showed an unemployment rate of 7.1 per cent, which matched August’s reading while 60,000 jobs were added and the national employment rate increased 0.1 per cent to 60.6 per cent.
In September, the Bank of Canada delivered its first cut to borrowing rates since March, and cited weakness in the labour market as one of the main factors that led to its decision. The central bank also suggested further cuts may be needed in the near term, with the next monetary policy announcement scheduled for Oct. 29.
– More to come.
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