toronto sept 9 reuters  canadas economy shed jobs for the third month in a row in august losing a net 39700 jobs entirely in fulltime work statistics canada said on friday the jobless rate climbed to 54 analysts surveyed by reuters had expected an increase of 15000 jobs in august employment in the goods producing sector fell by a net 13900 jobs largely in construction the services sector was down by a net 25800 positions mostly in educational services the weak headline figures may have the bank of canada questioning its apparent commitment to even higher interest rates however with the decline in education employment potentially reversing ahead and with one more labour force survey before the banks october meeting it still seems likely that at least one more rate hike will be in store before a pause is seen i think this can be taken as a reasonable indication that the economy is in fact slowing even if jobs had come in as expected i dont know if i would be exceptionally encouraged by that sort of number when you look at the increase in the unemployment rate that does suggest that maybe a little bit of slack is starting to return to the labor market though its not a complete process and it will be a slow process but if youre thinking about this from a monetary policy standpoint the focus is still on bringing inflation under control wages did accelerate a little bit here so i dont know if you see any respite on the inflation front the bocs focus is going to remain on bringing inflation under control so i dont see them moderating their tone at all in response to those numbers i think the bank of canada will be more focused upon the wage side of the picture  the modest acceleration that we have there thats ongoing so i dont think they will be overly alarmed by the weakening in the jobs reading i am little bit suspicious toward some of the quality of the numbers  a 50k drop in education at this time of the year and the concentration in youths suggest that at least some of this may be faded in terms of the job loss