The Canadian economy added about 54,000 new jobs final month, inflicting the jobless charge to fall two-tenths of a proportion level to five.eight per cent.
Statistics Canada stated Friday that the economy added 82,000 part-time jobs, however that determine was offset by a lack of 28,000 full-time positions.
The general public sector added 49,600 new jobs, whereas the personal sector added 5,200 positions.
Ontario accounted for many of the positive factors, including 61,000 jobs as a surge of part-time work offset a lack of full-time jobs.
July’s information implies that in the previous 12 months, Canada has added 246,000 jobs, 211,000 of that are of the full-time selection.
Toronto-Dominion Financial institution economist Brian DePratto stated past the sturdy headline quantity, the small print of the report had been “blended.”
“May have been higher, might have been worse,” he stated.
At 5.eight per cent, the nation’s official unemployment charge is now tied for its lowest stage for the reason that 1970s, Bloomberg information reveals. The determine has hit the mark a number of occasions this yr with out ever going under it.
“On the plus facet, the variety of unemployed fell and extra Canadians had been drawn to the labour pressure – each indicators of a wholesome economy,” DePratto stated.
However there’s one demographic group for whom the job market is wanting a lot much less strong: college students. In the summertime months, Statistics Canada collects information on what the job market is like for younger individuals between the ages of 15 and 24 who wish to work.
This summer season, there are 67,000 fewer younger individuals with summer season jobs than there have been final yr. The jobless charge for younger individuals now sits at 12.eight per cent.