The Canadian Index

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Line chart showing Canada's unemployment rate holding at 6.4 percent even as August job losses mounted.

Canada shed 41,700 jobs in August against expectations for a gain of roughly 15,000, one of the sharpest misses of the year and a reversal from July's increase of more than 75,000 positions. The headline rate held steady only because the share of people actively looking for work also declined, meaning the flat reading is not a sign of hiring strength. Wage growth for permanent employees slowed to 2.0 percent from 3.0 percent, landing two days after the Bank of Canada signalled it could raise rates again if inflation persists.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Bar chart of Canada's monthly net employment change from September 2025 to August 2026, with the August 2026 bar showing a decline.

Employment fell in four of the twelve months shown and averaged a gain of about 18,000 a month, so the August loss stands out within a mostly positive year.

Canada Monthly Net Employment Change, September 2025 to August 2026

October 6, 2026

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Line chart of Canadian headline CPI with CPI-trim and CPI-median core inflation, year over year, from August 2025 to August 2026.

A year earlier the relationship ran the other way, with headline inflation sitting about a point below the CPI-trim core measure.

Canada Headline CPI Against Bank of Canada Core Measures, August 2026

October 6, 2026

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Chart showing the Bank of Canada policy rate held at 2.25 percent against its 2 percent inflation target.

The Bank of Canada has held its policy rate at 2.25 per cent for a seventh consecutive decision, a quarter point above its 2 per cent…

The Bank of Canada Has Held for Seven Meetings. Tomorrow, the Fed Is Expected to Raise.

September 15, 2026

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Bar chart showing Canadian employment changes by sector in August 2026, with a 42,000 net job decline.

August's job losses were concentrated outside manufacturing, which was the lone sector to add positions while business services, public…

Wage Growth Just Hit a Nine-Year Low, and Headline Inflation Is Running at 3%. The Bank of Canada Faces Its Hardest Read Yet

September 9, 2026

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Step chart of the Bank of Canada's overnight rate from September 2024 to September 2026, showing seven consecutive holds at 2.25 percent.

The Bank of Canada held its overnight rate for a seventh straight decision on September 2, the longest stretch without a move since the current cutting cycle began.

The Bank of Canada Has Held for Seven Straight Decisions, and Inflation Just Made the Eighth Harder

September 8, 2026

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Step chart tracking the Bank of Canada overnight policy rate from 5 percent down to 2.25 percent since early 2024.

The Bank of Canada is expected to hold its policy rate at 2.25% for a seventh straight decision, based on all 35 economists in a Reuters…

The Bank of Canada Is Set to Hold for a Seventh Straight Meeting, and Neither Side of Its Mandate Agrees It Should

September 1, 2026

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