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MNI: Canada June Jobs -43.2K, Unemployment at New Low Of 4.9%

(MNI) Ottawa
OTTAWA (MNI)

Canadian employment unexpectedly fell by 43,200 in June as people left the labor force, a shift that lowered the jobless rate to a fresh record low of 4.9%, the government statistics office said Friday.

The job decline compares with the economist consensus for a gain of 25,000, though some had warned the overheated labor market would face a reversal as companies struggled to keep staff. The fall in the unemployment rate was also unexpected, with economists predicting it would remain 5.1%, which was already the lowest in records back to 1976.

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Canadian employment unexpectedly fell by 43,200 in June as people left the labor force, a shift that lowered the jobless rate to a fresh record low of 4.9%, the government statistics office said Friday.

The job decline compares with the economist consensus for a gain of 25,000, though some had warned the overheated labor market would face a reversal as companies struggled to keep staff. The fall in the unemployment rate was also unexpected, with economists predicting it would remain 5.1%, which was already the lowest in records back to 1976.

Keep reading...Show less