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Canada's employment drops in July

XINHUA 徽标 XINHUA 2022/8/5 Lin Wei
© 由 XINHUA 提供

A vehicle runs past a job board by a street in Toronto, Canada, on June 10, 2022. (Photo by Zou Zheng/Xinhua)

Market researchers said Canada's economy is losing steam and labor markets are expected to cool with the unemployment rate higher in the coming months.

OTTAWA, Aug. 5 (Xinhua) -- Canada's employment fell for the second successive month and the unemployment rate was unchanged in July, Statistics Canada announced on Friday.

Employment was down 31,000 on a monthly basis mainly in the services-producing and the public sector, the national statistic agency said.

Meanwhile, the unemployment rate held steady at 4.9 percent in July, matching the historic low reached in June, the agency said, adding that the adjusted unemployment rate, which includes people who were not in the labor force but wanted to work, remained at 6.8 percent in July, also matching its record low.

Total hours worked were down 0.5 percent in July, after increasing 1.3 percent in June. Compared with a recent peak in March 2022, total hours worked were down 1.5 percent in July. The average hourly wages of employees were up 5.2 percent on a year-over-year basis, matching the pace of wage growth recorded in June, according to the agency.

Market researchers said Canada's economy is losing steam and labor markets are expected to cool with the unemployment rate higher in the coming months. 

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