ICYMI: Canada unexpectedly sheds jobs for second month as labour force shrinks
The economy shed 30,600 jobs last month, Statistics Canada reported Friday in Ottawa, a surprise negative reading compared to the 15,000 gain anticipated by economists. The jobless rate remained at 4.9 per cent, because the labour force also shrank by a similar amount.
The question now is how much of the slowdown is being driven by labor supply factors, and how much by the initial impact of higher borrowing costs and weakness in underlying demand. The mix is important to the Bank of Canada, which has been tightening policy aggressively because of worries that demand for labor has far outpaced supply.
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