Notizie economiche
06.09.2024

Canada adds 22,100 new jobs in August; unemployment rate jumps to 6.6%

Statistics Canada announced on Friday that the number of employed people increased by 22,100 m-o-m in August (or +0.1 per cent m-o-m) after an unrevised decline of 2,800 m-o-m in the previous month. This marked the first gain in Canada’s employment in three months. 

Economists had forecast an advance of 25,000 m-o-m.

Meanwhile, Canada's unemployment rate jumped to 6.6 per cent in August from an unrevised 6.4 per cent in the previous month, slightly above economists’ prediction of 6.5 per cent. This represented the highest rate since October 2021 (6.7 per cent). 

According to the report, full-time employment declined by 43,600 (or -0.3 per cent m-o-m) in August, while part-time jobs climbed by 65,700 (or +1.8 per cent m-o-m).

Over the month, the number of public sector employees decreased by 8,600 (or -0.2 per cent m-o-m), while the number of private sector employees rose by 38,200 (or +0.3 per cent m-o-m). At the same time, the number of self-employed dropped by 7,400 (or -0.3 per cent m-o-m).

Sector-wise, employment increased in both goods-producing (+0.1 per cent m-o-m) and services-producing (+0.1 per cent m-o-m) businesses.

The average hourly wages grew 4.9 per cent y-o-y (or +CAD1.70) to CAD36.49 in August, slowing from a 5.2 per cent y-o-y gain in July.

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