Canada’s Employment Drops in July

OTTAWA:
Canada’s employment fell for the second successive month and the unemployment rate was unchanged in July.

Statistics Canada announced on Friday that employment was down 31,000 on a monthly basis mainly in the services-producing and the public sector, reports Xinhua news agency.

Meanwhile, the unemployment rate held steady at 4.9 per cent in July, matching the historic low reached in June, it said.

Statistics Canada added that the adjusted unemployment rate, which includes people who were not in the labour force but wanted to work, remained at 6.8 per cent in July, also matching its record low.

Total hours worked were down 0.5 per cent in July, after increasing 1.3 per cent in June.

Compared with a recent peak in March 2022, total hours worked were down 1.5 per cent in July.

The average hourly wages of employees were up 5.2 per cent on a year-over-year basis, matching the pace of wage growth recorded in June, according to the agency.

Market researchers said Canada’s economy is losing steam and labour markets are expected to cool with the unemployment rate higher in the coming months.