Data released recently from the Canadian economy showed a decline of -41,000 jobs in July after adding 83,000 jobs in July, confounding expectations of an increase of about 15,000. Meanwhile, the unemployment rate remained at June levels of 6.9%, while expectations had been for a 7% increase.
Employment declined across several sectors, led by the information, culture, and entertainment sector, which lost -29,000 jobs, while the construction sector lost -22,000 jobs.
Total hours worked in July saw a slight change of -0.2% month-over-month and 0.3% year-over-year, while average hourly wages rose 3.3% year-over-year, compared to a 3.2% increase in June.