Canada Jobs Growth Stalls, Will It Move The Bank Of Canada?

2024-08-09 03:31:28

(MENAFN- Yolo Wire) Canada's job market looked shaky in July, as a net 2,800 jobs were lost, mainly among part-time workers. The country’s %Unemployment rate remained at a 30-month high of 6.4 percent. This follows June’s report showing a loss of 1,400 jobs.

Among sectors, the goods-producing sectors saw the largest increases in jobs, led by construction and utilities. However, the services sector lost a net 14,800 jobs, mostly in wholesale and retail trade, and in some finance-related jobs.

The country’s unemployment rate is at its highest since January 2022 and has steadily increased since January. Canada's labor force participation rate also declined to a 26-year low of 65 percent in July, excluding the pandemic year, as many young people stopped or paused their job searches.

The Bank of Canada cut interest rates in July by 25 basis points, and today’s job report will be scrutinized for more clues on the country’s growth.

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