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Statistics Canada to release August jobs report today

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OTTAWA — Statistics Canada is expected to release its August labour force survey today.

The unemployment rate in July was 4.9 per cent, the lowest on record with comparable data going back to 1976.

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Average hourly wages in July were up 5.2 per cent compared with a year ago, but continue to lag red-hot inflation.

RBC is predicting the Canadian economy added 5,000 jobs in August while the unemployment rate ticked up slightly to 5 per cent.

The Bank of Canada has characterized the Canadian economy as “overheated’ in part due to the tight labour market.

As the Bank of Canada continues to raise interest rates to tame inflation, economists are expecting an economic slowdown is on the horizon.

This report by The Canadian Press was first published Sept. 9, 2022.

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