Canada's unemployment rate drops as surge in part-time work offsets full-time losses

'Another head scratcher': ​Canada adds 54100 jobs in July

All the employment gains were in services, which was up 90,500 during the month.

The loss of 3,700 jobs is the largest single-month drop locally since November 2015.

In Saskatoon, the jobless rate rose marginally to 7.1 from 7.0 per cent, while the Queen City held steady at 6.5. The number of people working increased by 600, while the number of unemployed increased by 200. The region's largest employer added 6,900 staff in July.

Meanwhile, the closely watched tech sector collectively shed 2,800 employees.

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Nationwide, employment rose by 54,000 jobs in July, with unemployment rate dropping 0.2 percentage points to 5.8 per cent.

Overall, Canada gained approximately 54,000 jobs since last month, driving the national unemployment rate down from 6.0 per cent to 5.8 per cent. Wage gains slowed during the month, with average hourly wages up 3.2 per cent from a year ago.

This matches Shenfeld's call in late July, when data showed the economy grew 0.5% in May.

Shenfeld added that there are "lots of reasons to question just how good the data really are here". But, it could be an indicator of whether the Bank of Canada will increase interest rates next month.

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The increase was far greater than the 17,000-job gain predicted by economists in a Reuters poll. Employment in the goods-producing sector fell by 36,500 jobs, mostly in manufacturing.

"Still, the labour market remains at or near full employment, and will do its part to justify a Bank of Canada rate hike in the months ahead", he added. Marion's research note was titled: "Where are the private sector jobs?"

Ontario saw an increase of 61,000 jobs, all of them part-time, dropping the provincial unemployment rate by half a percentage to 5.4 per cent. The report said the main cause of the drop was due to the fact fewer young people were looking for work.

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