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.