Canada's economy more than tripled expectations by adding 63,800 jobs in September and wages continued to soar, data showed on Friday, upping the chances for another rate hike.
The jobless rate stayed at 5.5% for a third consecutive month, Statistics Canada said. Analysts polled by Reuters had forecast a net gain of 20,000 jobs and for the unemployment rate to edge up to 5.6% from 5.5% in August.
"Despite the aggressive rate hikes by the Bank of Canada, clearly demand remains strong and companies continue to hire. This suggests we could well see another rate hike in November or December," Greenberg said. "Wages are just going off the charts," Holt said. "With wage numbers like this and the fact that we haven't had a soft patch on core inflation measures in Canada like they've had in the U.S., I would think we're still in hike mode in October."
"The upward trend in employment continues to occur in the context of the highest rate of population growth since 1957," Statscan said, noting that the population aged 15 and older increased by 82,000 in September.With September's robust gains, the economy is averaging 30,000 monthly employment growth this year, up from 25,000 a month earlier.
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