Full Time Work Leads Faster-Than-Expected Canada August Job Gain

(Bloomberg) — Evidence of slack in Canada’s labor market is deepening, even as the country adds jobs. The number of hours worked fell in August at the fastest pace since the last recession against the same month a year earlier, and pay raises were the slowest in almost two years. Economists said those forces — along with a rise in the unemployment rate to 7 percent — are more powerful than the monthly job gain of 26,200 positions that Statistics Canada reported Friday from Ottawa.Canada’s dollar fell to the lowest in a week after the labor-market weakness mirrored the central bank’s assessment Wednesday that growth prospects have faded. The world’s 10th largest economy has been relying on employment growth to prop up consumer spending and offset falling investment brought on by low oil prices.“The Canadian job market is simply stuck in a rut,” Doug Porter, chief …