OTTAWA – Statistics Canada is set to release its latest jobs report this morning with economists expecting to see a rebound after a sharp drop in July.
According to Thomson Reuters, economists expect the August jobs report to show an addition of 15,000 net new jobs for the month and the unemployment rate to hold steady at 6.9 per cent.
The August labour force survey will be closely watched after the disappointing July reading.
That report showed the economy taking a big hit as the country posted a net loss of 31,200 jobs.
READ MORE: Low-paying jobs keep Canada’s employment numbers afloat
The plunge was due to a loss of 71,400 net full-time jobs in the month, offset in part by an increase of 40,200 part-time positions.
It was the worst loss of full-time work since October 2011.
TD Bank economist Brian DePratto says he’s looking for a healthy rebound in the job numbers from July when he says there were some “oddities” in the data.
“Within Ontario there was a 30,000 job decline in educational services and this is seasonally adjusted data, so it should have already taken into account that it is summer,” he said.
“So we expect to see some of that reverse and we’re looking for a pretty healthy number there.”
READ MORE: Canada loses 700 jobs in June, unemployment rate falls to 6.8%
The jobs report follows the Bank of Canada’s decision earlier this week to keep its key interest rate target on hold at 0.5 per cent where it has been for more than a year.
In making its decision, the central bank raised concern about the strength of the Canadian economic recovery, noting that a drop in exports earlier this year was larger and more broad-based than expected.
However, the Bank of Canada says it still expects a “substantial rebound” in the economy in the second half of the year.