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 t

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 argues for a wait‑and‑see monetary stance.