Canadian economy lost 43,000 jobs in June

eAwaz Local News

Ottawa – Employment fell by 43,000 (-0.2%) in June. The unemployment rate fell 0.2 percentage points to a new record low of 4.9%, as fewer people searched for work.

The employment loss was almost entirely due to a decrease among workers aged 55 and older. Across industries, a decline in the services-producing sector, particularly in retail trade, was moderated by gains in the goods-producing sector. At the provincial level, employment decreased in Newfoundland and Labrador and Quebec, while there were gains in Prince Edward Island and Manitoba.

Self-employment declined, while the number of employees in both the public and the private sectors held steady. Total hours worked rose 1.3% in June, the first increase since March 2022.

Average hourly wages rose 5.2% (+$1.54 to $31.24) on a year-over-year basis in June, up from 3.9% in May and 3.3% in April (not seasonally adjusted). Employment fell by 43,000 (-0.2%) in June, offsetting the increase of 40,000 recorded in May. This marks the first employment decline not associated with a tightening of public health restrictions since the beginning of the COVID-19 pandemic.