Employment rate in Canada rises by 0.1 percent last month
(MENAFN) Canada's employment saw a modest increase of 22,000 jobs in August, representing a 0.1 percent rise from the previous month, according to figures released by Statistics Canada on Friday. This figure was slightly below market expectations, which had projected an addition of 23,700 jobs, particularly after the North American Economy experienced a loss of 2,800 jobs in July.
Despite the job gains, the unemployment rate rose by 0.2 percentage points to 6.6 percent in August, up from 6.4 percent in July, and surpassing market expectations of 6.5 percent. Additionally, the employment rate fell by 0.1 percentage points to 60.8 percent in August from 60.9 percent in July. This decrease in the employment rate marks the fourth consecutive monthly decline and the tenth decline in the past eleven months.
The most significant employment growth occurred in educational services, which saw an increase of 27,000 jobs, followed by health care and social assistance with a rise of 25,000 jobs. On an annual basis, average hourly wages among employees rose by 5 percent in August compared to the same month the previous year, although this growth was slightly down from the 5.2 percent increase observed in July.
The report also highlighted that private sector employment increased by 38,000, or 0.3 percent, in August, marking the first monthly gain since April. Conversely, public sector employment remained relatively unchanged from the previous month. Overall, the data indicates ongoing challenges in the labor market, with a gradual decline in the employment rate despite some positive job growth.
MENAFN08092024000045015839ID1108648992
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.