Arab Canada News
News
Published: August 4, 2023
The Canadian Statistical Agency confirms that employment did not change much last month as the economy lost 6,400 jobs.
Meanwhile, the unemployment rate rose to 5.5% amid population growth.
July marks the third consecutive month in which the unemployment rate has risen, indicating some regression in the labor market; however, wage growth rebounded last month, increasing by 5.0% year-on-year.
The federal agency states that the construction industry led the job losses, while the largest job gains were achieved in healthcare and social assistance.
The rise in unemployment rates comes at a time when high interest rates are affecting the economy, making borrowing more expensive for both businesses and consumers.
Thursday, 03 July 2025
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