Jobless rate falls to 6.4%, the lowest in two years
You can save this article by registering for free here. Or sign-in if you have an account.
The Canadian economy added 75,000 new jobs in July pushing the unemployment rate down to 6.4 per cent, the lowest level in two years and the third consecutive monthly decrease.
Create an account or sign in to continue with your reading experience.
Create an account or sign in to continue with your reading experience.
The job gains covered a broad swath of industries, according to data from Statistics Canada published on Friday. Wholesale and retail trade recorded the largest employment increase in July, followed by the finance, insurance, real estate, rental and leasing industry. Employment also rose in the professional, scientific and technical services sector, as well as construction.
Total employment is up by 0.9 per cent or 181,000 jobs since April. This increase was driven by a rise in full-time work, which rose by 1.1 per cent or 193,000 positions. The unemployment rate has also fallen by 0.5 percentage points since April.
FP Work touches on HR strategy, labour economics, office culture, technology and more.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Work will soon be in your inbox.
We encountered an issue signing you up. Please try again
Interested in more newsletters? Browse here.
On a year-over-year basis, Canada’s unemployment rate was down 0.5 percentage points in July.
Statistics Canada officials said a higher proportion of people searching for work have been finding jobs compared with this time last year, and the job-finding rate — the proportion of unemployed people who found a job between June and July this year — was 20.8 per cent. This was up from 18.5 per cent for the same time period last year, but still below the pre-pandemic average of 26.6 per cent for the same time period from 2017 to 2019.