Canada adds 90,200 new jobs in August; unemployment rate declines to 7.1 percent

Statistics Canada reported on Friday that the number of employed people rose by 90,200 m-o-m in August (or +0.5 percent m-o-m) after an unrevised increase of 94,000 m-o-m in the previous month. This was the smallest advance in Canada’s employment in three months.

Economists had forecast an advance of 100,000 m-o-m.

Meanwhile, Canada's unemployment rate fell to 7.1 percent in August from 7.5 percent in July, exceeding economists’ forecast for 7.3 percent. This was the lowest rate since February 2020.

According to the report, full-time employment rose by 68,500 (or +0.4 percent m-o-m) in August, while part-time jobs grew by 21,700 (or +0.6 percent m-o-m).

In August, the number of public sector employees jumped by 29,900 (or +0.7 percent m-o-m), while the number of private sector employees went up 76,700 (or +0.6 percent m-o-m). Meanwhile, the number of self-employed decreased by 16,400 (or -0.6 percent m-o-m) last month.

Sector-wise, employment gained in the services-producing sector (+0.6 percent m-o-m) but declined marginally in the goods-producing business (-0.1 percent m-o-m).