Canada’s Unemployment Rate Remains Steady at 6.4%
In August, Canada's unemployment rate remained stable at 6.4%, aligning with market expectations after declining for three consecutive months in May, June, and July by a total of 0.5 percentage points. The labor force participation rate slightly dropped to 65% from 7%. Meanwhile, average hourly wages increased by 2.0% year-over-year to C$37.02. The Bank of Canada maintained its key interest rate at 2.25%, citing high levels of uncertainty in the economic outlook. Additionally, Canada's trade surplus narrowed to CAD $0.77 billion due to weaker export performance during July.
