Canada shads 24,200 new jobs in July; unemployment rate increases to 5.7 percent

Statistics Canada reported on Friday that the number of employed people fell by 24,200 m-o-m in July, while economists had forecast a gain of 12,500 and after an unrevised drop of 2,200 in the previous month.

Meanwhile, Canada's unemployment rose to 5.7 percent from 5.5 percent in July, missing economists’ forecast for 5.5 percent.

According to the report, full-time employment decreased by 11,600 (or -0.1 percent m-o-m) in July, while part-time jobs declined by 12,600 (or -0.4 percent m-o-m).

In July, the number of private sector employees decreased by 69,300 (-0.6 percent m-o-m), while the number of public sector employees grew by 17,500 (+0.5 percent m-o-m). At the same time, the number of self-employed rose by 27,700 (+1.0 percent m-o-m) last month.

Sector-wise, there were fewer people working in wholesale and retail trade (-20,600), transportation and warehousing (-14,800), "other services" (-10,600), and natural resources (-8,700). In contrast, employment rose in construction (+25,000) and public administration (+9,200).

On a year-over-year basis, employment grew by 353,000 (or +1.9 percent), driven by gains in full-time work (+326,000 or +2.2 percent).