Notizie economiche
09.08.2024

Canada sheds 2,800 new jobs in July; unemployment rate holds steady at 6.4%

Statistics Canada reported on Friday that the number of employed people dropped by 2,800 m-o-m in July (flat m-o-m) after an unrevised decrease of 1,400 m-o-m in the previous month. This marked the steepest fall in Canada’s employment since July 2023 (-4,900). 

Economists had foreseen a rise of 22,500 m-o-m.

Meanwhile, Canada's unemployment rate was unchanged at 6.4 per cent in July, being slightly below economists’ forecast of 6.5 per cent. 

According to the report, full-time employment jumped by 61,600 (or +0.4 per cent m-o-m) in July, while part-time jobs plunged by 64,400 (or -1.7 per cent m-o-m).

Over the month, the number of public sector employees climbed by 40,800 (or +0.9 per cent m-o-m), while the number of private sector employees dropped by 41,900 (or -0.3 per cent m-o-m). At the same time, the number of self-employed slipped by 1,600 (or -0.1 per cent m-o-m).

Sector-wise, employment increased in the goods-producing industry (+12.100, or +0.3 per cent m-o-m) but fell in the services-producing business (-14,800, or -0.1 per cent m-o-m).

The average hourly wages grew 5.2 per cent y-o-y (or +CAD1.81) to CAD36.36 in July, decelerating from a 5.6 per cent y-o-y gain in June.

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