July job creation beats estimates
Posted August 7, 2020 5:44 am.
Last Updated August 7, 2020 8:44 am.
This article is more than 5 years old.
OTTAWA – Canada’s labour market is bouncing back. It gained 418,500 jobs last month as more parts of the economy were allowed to reopen after COVID-19 shutdowns, according to Statistics Canada.
The national unemployment rate fell to 10.9 per cent from 12.3 per cent in June.
Added to the 953,000 jobs gained in June and the 290,000 in May, Statistics Canada says employment is within 1.3 million of its pre-COVID level.
Employment rose by 418,500 in July, beating expectations. June's gain was 953,000 and May's was 290,000. Statscan says employment is within 1.3 million of its pre-COVID level. July's jobless rate was 10.9%, down from 12.3%. pic.twitter.com/n0hEpfsBy9
— Richard Dettman (@rwdettman) August 7, 2020
The figures beat market expectations, with the average economist estimate from financial markets data firm Refinitiv was for a gain of 400,000 jobs in July and an unemployment rate of 11 per cent.
About 266,0000 more people were looking for work in July, rising for the third consecutive month, but still down almost 300,000 from where it was in February.
The agency says the unemployment rate would have been 13.8 per cent in July if it had included in calculations those who wanted to work but didn’t look for a job.
Richard Dettman will have more in Business at :26 and :56.
