Canada unexpectedly lost 43,000 jobs last month

According to Statistics Canada, the Canadian economy lost jobs for the first time since January last month, as a sharp drop in the number of older workers and self-employed workers led the decline.

The figures surprised economists, who expected the economy to add about 20,000 jobs during the month.

“When inflationary overheating is the primary concern, bad news can be good news, so Canada’s jobs decline in June could be seen as a welcome relief,” said CIBC economist Avery Shenfeld, about the numbers.

Despite this drop, the unemployment rate hit a record low of 4.9% as fewer people looked for work.

The number of people now officially considered unemployed has fallen to one million in Canada.

Long-term unemployment, which the data agency defines as people out of work for at least six months, fell to 185,000. That’s the same level as before the pandemic.

More soon.

Leave a Comment