Canada to lose 40,000 jobs in August, unemployment rises to 5.4%

Canada to lose 40,000 jobs in August, unemployment rises to 5.4%

September 9, 2022

Employment in Canada fell by 40,000 jobs in August from July, a 0.2% drop, Statistics Canada reports today. A loss of 77,000 full-time jobs was offset by a gain of 37,500 new part-time jobs.

The unemployment rate in Canada rose to 5.4% in August, up 0.5% from the record lows of 4.9% in June and July. The rise marks the first relief from a historically tight labor market, Global News reported, and economists say it is also a signal that rate hikes are “starting to bite.”

Economists polled by Bloomberg had expected a gain of 15,000 jobs in August.

The number of employees in the public sector fell by 28,000 in August. The number of employees in the private sector and the self-employed remained little changed.

The agency noted job growth in ‘other services’, up 15,000, and professional, scientific and technical services, up 14,000. However, the gains were more than offset by losses of 50,000 jobs in education services and 28,000 jobs in construction.

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