Aug 05, 2022
By Jane Brown
The Canadian economy lost double the number of jobs which economists had predicted, while the unemployment rate stayed steady in July at an historic low of 4.9 percent.
New data from Statistics Canada says the labour force lost 31,000 jobs, marking the second consecutive month of job losses.
The number of public sector employees fell, while the number of self-employed workers rose.
Rishi Sondhi is with T-D Economics and says with the jobless rate at the lowest level since 1976, it is not surprising it’s difficult to find workers.
“It all speaks to how tight the job market is in Canada and of course when you have a tight jobs market and when that happens you tend to see wages increase, and that’s what we’re seeing now,” Sondhi explained.
The pace of wage growth also held steady with average hourly wages rising 5.2 per cent from July of 2021 to July of this year.
This latest Statistics Canada Canada report says despite the labour shortage, there is no evidence of a rise in the proportion of people leaving or switching jobs.