Canada adds 11,000 jobs in July

July’s data from Statistics Canada shows that 11,000 new jobs were created, matching economists’ forecasts. This increase came as a result of 35,000 full time jobs being added, which was offset by over 24,000 being lost during this period. In a 10-year high, 387,000 jobs have been added to the market since July 2016.

When comparing regions, Prince Edward Island, Newfoundland, Labrador and Alberta saw constrictions in the job market whilst Ontario and Manitoba expanded. Sectors that saw the largest falls in employment include public administration, agriculture and education, whereas the increases occurred in manufacturing, retail and IT sectors.

As a result, the unemployment rate has fallen by 2 percentage points to 6.3%, the lowest rate evident since before the credit crunch in October 2008; however, this fall was in part due to a lower participation rate, as fewer Canadians were seeking employment. Data from RFi Group’s most recent Canada Priority and Retail Banking Council study also shows increased year-on-year positivity in the employment market, with 26% of Canadians believing that unemployment will not affect them at all over the next 12 months.

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