Canadian jobless rate drops to four-decade low

13 August, 2018, 01:58 | Author: Eric Barnett
  • 'Another head scratcher': ​Canada adds 54100 jobs in July

Today's focus will be on Canada's jobless rate as Stats Can is set to release July's employment numbers.

The economy added 54,100 jobs, another strong month following a 31,800 gain in June.

Meanwhile, TD senior economist Brian DePratto said in a separate note that the latest job numbers indicate a quarter-point rate hike from the central bank are likely to come in October.

While slightly higher than the provincial average, Winnipeg saw its unemployment rate drop, from 6.8 to 6.7 per cent in the month of July.

While the number of jobless seems to have taken a large leap month-to-month, the local data can't be accurately compared, as it doesn't take seasonal factors into consideration.

In Vancouver the unemployment rate rose from 4.6 per cent in June to 4.8 per cent in July.


According to a report by Statistics Canada, Manitoba added 3,500 full time jobs, while losing 7,000 part time jobs over the past month.

Porter, however, maintained the national labour market remains robust and wrote there is "easily enough here" to convince the Bank of Canada to keep on track in gradually tightening its key interest rate.

"In contrast, employment fell in most goods-producing industries, specifically manufacturing, construction and natural resources". "A solid headline number masked less than optimal details: all part-time hiring, and by and large public sector, driven by universities".

In an interview, Shenfeld added that "for the past year, Canadians have certainly been enjoying a very solid labour market with a low unemployment rate and that's still true in the latest data".

The agency said average hourly wage growth, which is closely monitored by the Bank of Canada, continued its gradual slide last month to 3.2 per cent after expanding 3.6 per cent in June and 3.9 per cent in May.

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