Two consecutive months of job losses have erased the employment gains of 2026 to date. Employment fell by 41,700 in August and 68,300 in September, leaving a net loss of 41,200 for the year through September. Hourly wage growth for permanent employees was 2.3% in September, below headline inflation expected near 3.0%. The Bank of Canada decides on October 28.
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The decline from the late-August record spans two trade actions: the U.S.
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The decline from the August 25 close spans the United States tariffs imposed on August 22 and the Canadian counter-tariffs of September 8.
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Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.
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August 31, 2026
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Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.
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August 31, 2026
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Gold miners did most of the lifting as the index set eight record closes during the month, the last on August 25.
S&P/TSX Composite Daily Close Through August 2026
August 31, 2026
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Market-implied odds that the US Federal Reserve holds its benchmark rate steady in September rose to about 60%, up from roughly one in three a week earlier.
The Fed's Three Dissenters Wanted a Hike. Canada's Data Made Their Case, America's Broke It.
August 10, 2026
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