July employment data in Canada: unemployment rate remains stable even with falling headcount
August 9, 2024
Employment in Canada fell by 2,800 in July, marking the second consecutive month of decline. Despite this, the unemployment rate remained surprisingly stable at 6.4%. A significant drop in the participation rate to 65.0%, down 0.3 percentage points from the previous month, helped avoid a more severe rise in unemployment. Although the headlines may paint a worrying picture, the details are more positive: full-time employment increased by 61,600 and hours worked rose by 1.0% month-on-month.