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MNI: Canada Unemployment At Lowest Since 1976; Jobs -30.6K

(MNI) Ottawa

Canada's unemployment rate remained at a historic low of 4.9% in July and wage growth remained elevated even as the number of jobs dipped slightly, suggesting the central bank remains under pressure to deliver another big interest-rate hike. 

The 30,600 decline in employment ran against market expectations for a gain of 15,000, and the steady jobless rate was better than forecasts it would rise a notch to 5%. While the July job loss adds to June’s 43,200 decline, employment remains 687,000 greater than a year earlier, Statistics Canada reported Friday. The jobless rate held steady in part due to a 27,000 decline in the labor force. 

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Canada's unemployment rate remained at a historic low of 4.9% in July and wage growth remained elevated even as the number of jobs dipped slightly, suggesting the central bank remains under pressure to deliver another big interest-rate hike. 

The 30,600 decline in employment ran against market expectations for a gain of 15,000, and the steady jobless rate was better than forecasts it would rise a notch to 5%. While the July job loss adds to June’s 43,200 decline, employment remains 687,000 greater than a year earlier, Statistics Canada reported Friday. The jobless rate held steady in part due to a 27,000 decline in the labor force. 

Keep reading...Show less