BMO economist Douglas Porter said Canada recorded large net job losses for a
second consecutive month, offsetting earlier summer strength and leaving
employment growth at just 0.5% YoY. September’s sharp drop in education jobs was
unusually concentrated in one province, though other regions and sectors were
also weak. Porter warned manufacturing job cuts could be an early signal of an
economic hit from escalating US‑Canada trade tensions. He said the soft payrolls
print materially reduces both the likelihood and the necessity of further BOC
rate hikes and arguments for a wait‑and‑see monetary stance.
