The Canadian economy unexpectedly shed 31,200 last month, driven by a decline in full-time positions that sent the unemployment rate up to 6.9 percent, data from Statistics Canada showed on Friday.
The decline in jobs in July came well short of economists’ expectations for a gain of 10,000. The increase in the unemployment rate, the highest since May, came even as the participation rate edged down to 65.4 percent.
The drop in jobs was led by a 24,200 decline in employment in the public administration industry, helping the service sector shed 26,900 positions overall. But the goods-producing industries fared poorly as well, with natural resources losing 3,900 jobs, while employment in construction dropped by 9,000.
A 71,400 decline in full-time positions accounted for the overall weakness in the labor market, while part-time jobs rose by 40,200.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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