09:20 AM EDT, 09/06/2024 (MT Newswires) -- TD Economics noted August's jobs report managed a gain in jobs, but said apart from that the story continues a be further cooling in Canada's labour market. In Wednesday's Bank of Canada's interest rate announcement, Governor Macklem characterized Canada's economy as having "enough slack".

According to TD, continued weakening in the job market suggests slack continues to build in the labour market, pointing to the need for further interest rate cuts.

The said: "The labour market is giving the OK for the Bank of Canada to continue its gradual quarter-point cut per rate announcement pace. We expect the Bank to cut interest rates in two more quarter point moves in October and December this year."