Canada lost 24,200 jobs in July, unemployment rate rises to 5.7%

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Canada lost 24,200 jobs in July, unemployment rate rises to 5.7%

On Friday, the 9th of August 2019, data revealed by Canada’s commerce ministry had revealed that Canada’s economy had trimmed roughly 24,200 jobs last month, while unemployment rate was kicked up to 5.7 percent from an earlier record low of 5.5 percent last month.

Followed by the reveal of Canada’s job data released on Friday (August 9th), Statistics Canada had been quoted saying that more and more people were seeking jobs last month following a record-low unemployment that had dampened outlook of Canadian job market amid the nation’s terrible relationship with one of its major trading partner China, following Trump’s latest tout to hike tariffs further on Chinese imports.

Nonetheless, an analysts’ poll was predicted an unemployment rate at 5.5 percent alongside creation of 12,500 new jobs on July, while followed by Canada’s employment figures that fell short of an analysts’ estimate, the Canadian currency was faltered to a two-month low figure to $1.3268 against its American counterpart.

Despite a steep plunge in its unemployment rate, there had been a robust gain in wages for permanent employers in Canada, which surged by 4.5 percent on a year-on-year basis last month, while adding that Canadian labor seemed to have reached its highest potential, a FX market analyst for Monex Europe and Canada, Simon Harvey said, “At the moment it looks like the Canadian labor market has reached a limit where the unemployment limit can’t break that 5.5% - 5.4% level without wages going up”.