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Fri Aug 5, 2022, 08:43 AM

Canada loses 30,600 jobs, unemployment rate stays at record low 4.9%

Source: Reuters

August 5, 2022
8:37 AM EDT
Last Updated 2 min ago

Canada loses 30,600 jobs, unemployment rate stays at record low 4.9%
Reuters

OTTAWA, Aug 5 (Reuters) - Canada's economy unexpectedly lost a net 30,600 jobs in July as the public sector contracted, while the unemployment rate stayed at a record low 4.9%, Statistics Canada data indicated on Friday. ... Analysts polled by Reuters had expected an increase of 20,000 positions and for the jobless rate to edge up to 5.0%.

July marked the second month in a row of relatively moderate losses. Between May 2021 and May 2022, the economy added a hefty 1.06 million jobs as the recovery from COVID-19 took hold.

The average hourly wages of permanent employees - a figure the Bank of Canada watches closely - rose by 5.4% from July 2021, down from the 5.6% year-on-year increase seen in June but sharply higher than the 2.4% seen at the start of the year.

The central bank last month surprised markets by raising its main interest rate by 100 basis points in a bid to crush inflation, and said more hikes would be needed.

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Read more: https://www.reuters.com/world/americas/canada-loses-30600-jobs-unemployment-rate-stays-record-low-49-2022-08-05/

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