Canada’s employment figures reflect decline of 1,400 jobs last month
(MENAFN) In June, Canada's employment figures reflected a slight decline of 1,400 jobs, according to data released by Statistics Canada on Friday. This unexpected decrease contrasts with market expectations, which had projected an addition of 27,300 jobs following a robust increase of approximately 27,000 jobs in May.
Despite the monthly setback, Canada's overall employment picture showed resilience on an annual basis, with the Economy adding 343,000 jobs, marking a 1.7 percent increase compared to June 2023.
However, the unemployment rate in Canada edged up by 0.2 percentage points to 6.4 percent in June, up from 6.2 percent in May. This uptick surpassed market forecasts, which had anticipated the rate to remain steady at 6.3 percent. Statistics Canada highlighted that the unemployment rate has risen by 1.3 percentage points since April 2023, underscoring persistent challenges in the labor market despite broader economic recovery efforts.
The latest employment data portrays a nuanced economic landscape in Canada, with annual employment growth tempered by a minor monthly decline and a slight rise in unemployment. Analysts continue to assess these developments amidst ongoing economic adjustments and their potential impact on future labor market conditions. Continued monitoring will be crucial to understanding the full implications for Canada's economic trajectory moving forward.
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