Canada’s economy shed 2,800 jobs in July while the unemployment rate was unchanged at 6.4 per cent, Statistics Canada said on Friday.
Employment fell in wholesale and retail trade, which shed 44,000 jobs, and in finance, insurance, real estate, rental and leasing, which shed 15,000 jobs. Public administration, transportation and warehousing, and utilities saw jobs gains.
The number of private sector employees fell by 42,000 in July, though private sector employment growth was up 0.6 per cent compared to this time last year.
The number of public sector employees rose by 41,000 and employment growth increased 4.8 per cent compared to 12 months earlier.
Average hourly wages were up, increasing 5.2 per cent (or $1.73, for an average of $34.97) on a year-over-year basis in July.
The unemployment rate for young people aged 15 to 24 who were returning to school in the fall was 17.2 per cent in July, which Statistics Canada noted is the highest rate for July since 2009 — barring the first summer of the COVID-19 pandemic.
Labour market numbers “reflect a much more difficult summer job market for young returning students in 2024 compared with previous years,” the data agency wrote.
More to come.
Source Agencies
