Unemployment rate skyrockets as Canada loses 69,300 private-sector jobs in July
The unemployment rate has shot up to 5.7 percent after Canada’s economy lost more than 24,000 jobs in July. This contrasts sharply with May’s record-low unemployment of 5.4 percent.
Statisticians credit the shift to a slowing of the economy after a strong performance in the countries second quarter. In the first half of the year, 247,500 jobs were added.
The current blow in employment was mainly felt in the private sector, which shed 69,300 positions (unparalleled since 2003). Yet, this loss, documented by Statistics Canada, was offset by a jump of 27,700 people in self-employment and 17,500 in the public sector.
Pay is up, however. From last July to the present, wages have risen by 4.5 percent. This rise set a record for the decade.
Hours worked have slowed. Meanwhile, the Canadian currency has fallen 0.2 percent to $1.3259 for every U.S dollar. Moreover, government bonds have fallen.
The decrease in jobs that highlights the report’s main findings follows a trend observed in June, when 26,600 part-time positions were shed, with an uptick of 24,000 full-time jobs. It was expected that there would be rise by 15,000 posts in July—as recent numbers reveal, this has not been the case.