The new figures beat Bay Street forecasters’ expectations that the economy would add about 60,000 jobs, according to the median estimate of a Bloomberg survey of economists. The hiring surge was led by restaurants and hotels, which were released from months of strict health restrictions that provinces implemented to curb the third-wave of COVID-19 infections. The land border with the U.S. also opened to non-essential travellers last month, boosting tourism, Statistics Canada said.
“A solid report which will act as a bit of an antidote to last week’s sour GDP result,” Douglas Porter, chief economist at Bank of Montreal,in a note to clients. “On balance, the continued decent gains in employment suggest that the recovery was still grinding forward in late summer even in the face of the budding fourth wave and ongoing supply bottlenecks.”
The positive headline numbers will be welcome news for policymakers at the Bank of Canada, who contended with misses in their GDP forecast after gross domestic product contracted more than one per cent in the second quarter. On top of that, inflation has climbed each month since the start of the year, save for a minor slowdown in June, and reached a decade-high in July. All highlight the trickiness of the recovery.
Thank you Justin. Job well done.
Which will be lost and then some come the 13th with the vaccine passport that very few people want or will comply with.
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