Canada unemployment rate falls to lowest level since October 2008

Statistics Canada reported that the number of employed people rose by 10,900 m-o-m (+0.1 m-o-m) in July, beating economists' forecast for a 10,000 increase and after an unrevised gain of 45,300 the previous month. Meanwhile, Canada's unemployment rate fell to 6.3 percent last month from 6.5 percent in June, while economists had expected the rate would remain unchanged. That was the lowest rate since October 2008.

According to the report, full-time employment boosted by 35,100 (+0.2 percent m-o-m) in July, while part-time jobs dropped 24,300 (-0.7 percent m-o-m). In July, the number of private sector employees decreased 3,200 m-o-m (flat m-o-m), while the number of public sector employees rose by 800 m-o-m (flat m-o-m). At the same time, the number of self-employed boosted 13,200 m-o-m (+0.5 percent) last month.

Most of all employment rose in Ontario (+0.4 percent m-o-m) and Manitoba (+0.7 percent m-o-m), while it declined in Alberta (-0.6 percent m-o-m), Newfoundland and Labrador (-2.4 percent m-o-m) as well as in Prince Edward Island (-1.3 percent m-o-m).

There were more people working in wholesale and retail trade (+0.8 percent m-o-m), information, culture and recreation (+2.4 percent m-o-m), manufacturing (+0.8 percent m-o-m), transportation and warehousing (+0.9 percent m-o-m) and natural resources (+2.4 percent m-o-m). At the same time, employment dropped in educational services (-2.5 percent m-o-m), public administration (-1.1 percent m-o-m) and agriculture (-3.5 percent m-o-m).