Very little changed in the Canadian economy last month. The economy added 7,300 jobs and 16,800 people dropped out of the workforce entirely, which led to the unemployment rate falling 0.1 percent from 7.3 percent to 7.2 percent, according to a report
from Statistics Canada.
Most economists were forecasting the unemployment rate to be 7.3 percent and an additional 5,000 jobs. Despite the figures being higher than anticipated, June was the second flat month in a row – March and April added more than 140,000 jobs in total. The private sector had slashed 26,000 jobs.
Last month’s employment gains were mostly from the public sector in the fields of education (19,000), health care and social assistance (20,000).
The number of individuals working in the business, building and support services sectors rose by 24,000. However, the level remains relatively unchanged from a year ago. Employment declined in the agriculture sector by 20,000, while employment in natural resources is up 10.9 percent over the past 12 months.
The summer job market for the nation’s youth does not provide a rosy picture. For students between 17 and 19, the unemployment rate increased 3.5 percent from last year to 17.3 percent. For students between 20 and 24, the unemployment rate is 13 percent, which is up two percent compared to 2011 statistics.
Employment for women over the age of 25 rose, while unemployment for men in the same age demographic remained the same.
Compared to a year ago, the average full-time hourly wage is up 3.3 percent. This is the fastest annual rate since the summer of 2009.
Friday’s job numbers comes as the U.S. Labor Department released
its jobs figures and showed that the economy stayed flat and left the unemployment rate unchanged at 8.2 percent.