According to Statistics Canada, the unemployment rate in Canada increased from 6.4% in July to 6.6% in August, the highest since October 2021, exceeding market expectations of 6.5%.

The number of unemployed people increased by 60,400 compared to the previous month, reaching 1.4589 million people, mainly due to a 0.4 percentage point increase in the unemployment rate among the core working age population to 5.7%, and a 0.4 percentage point increase in the unemployment rate among the elderly population to 5.5%.

At the same time, the net increase in employment was 22,100 people to 20.5357 million people, lower than the market's expected increase of 25,000 people.