Canada job­less rate falls to 6.5%

Kuwait Times - - BUSINESS -

Canada’s un­em­ploy­ment rate fell 0.1 per­cent­age points in June to 6.5 per­cent, of­fi­cial data showed Fri­day, with 45,000 new jobs added com­pared to the pre­vi­ous month, mainly in part-time work and among women. The num­ber of jobs added was al­most four times greater than economists’ pre­dic­tions, which fore­saw a mod­est rise of 12,000.

“In the sec­ond quar­ter of 2017, over­all em­ploy­ment grew by 103,000 (+0.6 per­cent), the fourth con­sec­u­tive quar­ter of strong em­ploy­ment growth and the largest quar­terly in­crease since 2010,” Sta­tis­tics Canada said. The lat­est gains come after 55,000 new jobs were added in May, a sign of the econ­omy’s grow­ing strength over the past year.

Ris­ing em­ploy­ment could soon see the cen­tral bank tighten mon­e­tary policy, with the first rate hike in nearly seven years prob­a­ble next week, ac­cord­ing to an­a­lysts with CIBC bank. Em­ploy­ment gains in June were led by women aged 55 and older, with the group see­ing an in­crease of 31,000. The num­ber of em­ployed women aged 25 to 54 edged up by 17,000 — a gain of 0.6 per­cent, though the rate for men in the same age group re­mained steady. Youth un­em­ploy­ment re­mained steady at 12 per­cent. The big­gest in­crease took place in the pro­fes­sional, sci­en­tific and tech­ni­cal ser­vices sec­tor which added 27,000 jobs, while agri­cul­ture saw a sig­nif­i­cant bump of 12,000 po­si­tions.

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