Make Kitco Your Homepage

Off The Wire

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

Reuters

Kitco News

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. read more

Reporting by David Ljunggren; Editing by Jan Harvey
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.