Canada loses over 24,000 jobs in July; Unemployment rate jumps to 5.7%
Canada’s job market is showing signs of slowing down as per a new report from the Canadian Federation of Independent Business (CFIB). According to Statistics Canada, the unemployment rate moved up to 5.7 per cent as the country posted a shed of 24,200 jobs. These statistics have given the economy its weakest three-month stretch of job creation since early 2018. The decline came as a surprise to experts, who had been expecting job gains of around 12,000 to 14,000. As the economy had been on a healthy run of employment gains that began last summer. Statistics Canada’s most recent job vacancy number include unfilled positions in the public and private sectors and has found there were 506,000 vacant jobs in the first quarter of 2019, up 44,000 from the previous year. The CFIB report, which is based on a survey of 2,101 businesses, has found that there is considerable variation from region to region. Vice-president and chief economist for CFIB, Ted Mallett said, “While the national average shows that 3.2 per cent of Canadian jobs are vacant, there are very different pictures across the country”. According to Statistics Canada, Alberta, Nova Scotia and New Brunswick provinces lost many jobs while Quebec and Prince Edward Island opened up new jobs. July figures show that 11,000 new job opportunities were created, but the unemployment rate increased by 0.2 per cent due to job losses. The Canadian economy lost 12,000 full-time jobs, while the number of part-time jobs was higher.