Canada's economy shed a net 24,200 jobs in July, driven by a decline in who...
OTTAWA - Canada’s economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, official data showed on Friday, as Canada’s job market remained in a holding pattern for the third consecutive month.
“Clearly it’s on the disappointing side of expectations,” said BMO Chief Economist Doug Porter. “Of course, you can never read too much into any one month but this is the third setback in employment in the past five months.”July saw the loss of 11,600 full-time jobs and 12,600 part-time positions. Employment declined for youth aged 15 to 24 and for women in the core working ages of 25 to 54 but increased for core working age men.
The number of private-sector employees, Statscan said, dropped by 69,000 in July - driven largely by declines in the wholesale and retail trade sector, which shed 20,600 jobs. Self-employment was up by 28,000 positions while the number of public-sector employees was little changed. “The Bank of Canada needs to tread carefully,” Derek Holt, vice president of capital markets economics at Scotiabank, cautioned on Friday, noting Canada’s domestic data could start “to weaken in the third quarter.”
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