TORONTO (Reuters) – Canada’s economy lost a net 30,600 jobs in July, in both full-time and part-time work, Statistics Canada said on Friday. The jobless rate remained at a record low 4.9%.
Analysts surveyed by Reuters had expected an increase of 20,000 jobs in July, and for the unemployment rate to increase to 5.0%.
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STORY:
Link:https://www150.statcan.gc.ca/n1/daily-quotidien/220805/dq220805a-eng.htm
COMMENTARY
DEREK HOLT, VICE PRESIDENT OF CAPITAL MARKETS ECONOMICS, SCOTIABANK
“It’s disappointing all round. Unlike the last time, that was driven by self-employed, this time I think there is much greater underlying weakness.”
“I don’t think it’s going to knock the Bank of Canada off course or hold them back at all. I think they know full well that fighting inflation is going to break a few things and one of them will be slowing job market momentum as a part of that. That’s a needed outcome.”
(Reporting by Fergal Smith; Editing by Denny Thomas)
