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Canadian Jobs: Against the Wind
Canadian employment dipped by 2,800 in July, the second setback in a row, yet the unemployment rate surprisingly held steady at 6.4%. The X factor last month was a hefty 0.3 ppt drop in the participation rate (to 65.0%), helping avert a worse outcome on joblessness. The details were generally firmer than the soggy headline would suggest, as full-time jobs were up a sturdy 61,600 and total hours worked jumped 1.0% m/m. However, private sector employment fell by 41,900, almost precisely offset by a rise in public sector jobs, not an ideal mix. Wages moderated only somewhat, off two ticks to a 5.2% y/y clip, albeit ... (full story)
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- Posted: Aug 9, 2024 11:05am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,600
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