06.08.201008:44:00UTC+00Canadian Unemployment Rate Edges Up In July

Canada's unemployment rate edged up 0.1% to 8.0% in July, after dropping below 8% for the first time in more than a year in June.

Following strong gains in recent months, Canadian employment fell by 9,300 jobs in July, the first decline this year, following a 93,200 increase in June. Large full-time declines (-139,000) were mostly offset by part-time gains (+130,000), Statistic Canada said today. Economists had expected Canadian employers to have added 10,300 jobs to payrolls last month, following a 93,200 gain in June.

Employment has been broadly on an upward trend since July 2009, increasing by 394,000 (+2.3%).

In July, employment decreased in finance, insurance, real estate and leasing (-30,000), bringing employment in this industry back to its July 2009 level.

However, factory employment rose by 29,000 in July, the largest increase for that sector in two years. With this increase, manufacturing employment returned to its level of a year earlier.

The Canadian dollar, which advanced to its highest level since May versus its U.S. counterpart in the previous session, is leveling-off just after the release of the monthly employment report.

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