Canada's Jobs Report Disappoints, Loonie Drops 0.5%

Canada's employment numbers for August fell short of expectations, with a loss of 41,700 jobs reported. This was despite forecasts calling for a gain of 15,000 jobs.

The Canadian dollar weakened by 0.5% to C$1.3860 per US dollar following the release of the numbers. The country's annual wage growth slowed to 2.0%, down from 2.8% in July.

Full-time employment declined by 35,900 positions, while part-time work fell by 5,800. Youth employment dropped 19,000 and the core 25-to-54 age group lost 16,000 jobs.

The weakness was not uniform across industries, with business, building, and support services shedding 20,000 jobs. Public administration lost 8,800 positions, and resource employment fell by 7,700.