The following report is from Tina Kremmidas, Chief Economist at the Canadian Chamber of Commerce.

Statistics Canada reported this morning that 5,500 net jobs were lost in August, a weaker than expected reading. The unemployment rate ticked up a notch to 7.3% as more people entered the labour force.

The details of the report were on the soft side. Private sector employment fell (-20,600). The number of self employed dipped (-6,900) while public sector employment edged higher (+22,000).

The goods-producing sector as a whole lost 40,100 jobs primarily in construction (-24,300) and natural resources (-11,500).

Manufacturing managed a small increase (+3,100).

Employment in the service sector rose (+34,600) led by　health care and social assistance (+50,100). In the trade-dependent transportation and warehousing sector, employment declined by 13,500.

Canada’s provinces saw little change in payrolls—half saw minor gains, half small declines.

In the last 12 months, employment in Canada has risen by 222,900 (+1.3%). About 253,000 jobs have been added by the private sector and 8,700 by the public sector. The number of self-employed Canadians has dropped by 39,100 over the same period.

Today’s date are another indication that the economy lost momentum over the summer as the global economic environment deteriorated and uncertainty escalated.