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Economic news
05.07.2024

Canada sheds 1,400 new jobs in June; unemployment rate climbs to 6.4%

Statistics Canada reported on Friday that the number of employed people declined by 1,400 m-o-m in June (flat m-o-m) after an unrevised increase of 26,700 m-o-m in the previous month. This was the first drop in Canada’s employment in three months.

Economists had foreseen an advance of 22,500 m-o-m.

Meanwhile, Canada's unemployment rate climbed to 6.4 per cent in June from an unrevised 6.2 per cent in the previous month, slightly exceeding economists’ forecast of 6.3 per cent. This represented the highest rate since January 2022 (6.5 per cent).

According to the report, full-time employment slipped by 3,400 (flat m-o-m) in June, while part-time jobs rose by 1,900 (flat m-o-m).

Over the month, the number of public sector employees fell by 14,600 (or -0.3 per cent m-o-m), while the number of private sector employees increased by 5,400 (or +0.1 per cent m-o-m). At the same time, the number of self-employed surged by 7,700 (or +0.3 per cent m-o-m).

Sector-wise, employment increased in the goods-producing industry (+12.600, or +0.3 per cent m-o-m) but dropped in the services-producing business (-14,100, or -0.1 per cent m-o-m).

The average hourly wages jumped 5.6 per cent y-o-y (or +CAD1.90) to CAD36.10 in June, accelerating from a 5.2 per cent y-o-y gain in May.

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