OTTAWA, Sept 8 (Reuters) - Canada's economy gained a much greater than expected net 39,900 jobs in August and the unemployment rate remained at 5.5%, official data showed on Friday, a sign of underlying strength despite high rates.
Analysts polled by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to edge up to 5.6% from July.
Statistics Canada said full-time positions grew by 32,200 jobs while part-time jobs posted a more modest gain of 7,800.
The labor market has been resilient even as the Bank of Canada raised its key overnight rate 10 times since March 2022 to cool the economy.
Employment in the goods sector fell by a net 2,500 jobs in August, largely in manufacturing, while services sector gained a net 42,400 jobs, mostly in professional, scientific and technical services.
Persons:
David Ljunggren, Dale Smith
Organizations:
Reuters, Statistics Canada, Bank of Canada, Thomson
Locations:
OTTAWA