Ottawa 6 Aug : Canada’s jobless rate dropped for the second month in a row as well as the unemployment rate remained unchanged in July.Statistics Canada announced on Friday that employment decreased by 31,000 per month mostly in the services-producing sector and the public sector, according to Xinhua news agency.
In the meantime, the unemployment rate remained at 4.9 percent in July, which was in line with the record low of 4.9 per cent reached in June, according to the report.
Statistics Canada added that the adjusted unemployment rate, which includes those who are not in the workforce but who wanted to work was at 6.8 percent in July, and was in line with the record low.
The number of hours worked was down 0.5 percent in July, following an increase of 1.3 percent in June.
In comparison with the previous record in March 2022 the total hours worked decreased by 1.5 percent in July.
The hourly average wages of employees increased by 5.2 percent in a year-over year basis, which is the same as the rate of wage growth that was recorded in June according to the agency.
Market analysts said that Canada’s economy is slowing down and the labour market is predicted to slow with the rise in unemployment in the next few months.
