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.