Saskatchewan's economy sheds 400 jobs in July

Paterniano Del Favero
Agosto 5, 2017

The unemployment rate in Regina rose to 5.4 per cent from 5.1 per cent, while Saskatoon's jobless rate remained unchanged at 8.4 per cent.

The latest economic data follows a decision by the Bank of Canada last month to raise its key interest rate target to 0.75 per cent, its first increase in nearly seven years.

This was the lowest rate since October 2008 and compared with consensus forecasts of 6.5%, although there was a decline in the participation rate on the month.

Statistics Canada said the Canadian economy also added almost 11,000 jobs in July, the eighth consecutive month of growth, as the unemployment rate fell to its lowest point in almost nine years.

The jobs figures will bolster confidence the country is quickly running out of economic slack and higher Bank of Canada interest rates may be needed to cool off growth, even with a separate report out Friday showing the country's trade sector disappointed in June.

Of the 4,800 new jobs created last month, 4,100 of them were full-time positions, Statistics Canada said.

Canada's dollar fell 0.3 per cent to C$1.2628 against its US counterpart at 8:56 a.m. Toronto time. That's also 5,300 more than were employed or seeking jobs in July of past year. Canada's currency is still up 6.4 percent this year.

Canada saw increased 11,000 jobs in the country's job market last month.

On the other side of the ledger, imports gained 0.3 per cent to $50.1 billion.

Alberta's overall unemployment rate jumped slightly in July, but the longer-term trend toward economic recovery is continuing, with 35,000 Albertans finding work since this time past year, mostly in the natural resources sector.

Located 125 kilometres northeast of Toronto, the loss or gain of a few hundred jobs makes its unemployment rate fluctuate wildly.

Jobless numbers have been on the decline for most of the year, starting out at 6.9 per cent and then falling steadily.

The full-time job gains means the total number of hours worked - a key determinant of income - are also accelerating. That's it's lowest level since October 2014, it added. As with London, the drop in unemployment was mainly due to a shrinking labor force.

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