EWC - Canada unemployment rate at 5.5% July

2023-08-04 08:54:08 ET

The unemployment rate in Canada edged higher to 5.5% in July of 2023 from 5.4% in the previous month, aligned with market expectations, marking the third consecutive increase to levels last seen in January 2022 to reflect some softening in the Canadian labor market.

Still, the figure remained firmly below pre-pandemic levels, holding the possibility that the BoC may still raise interest rates in September.

Unemployment rose by 28K people to 1,116,800, with notable increases seen for young and core-aged females.

Additionally, 53.6% of the unemployed Canadian population was outside the labor force in the previous month, while only 38.7% of June’s labor force lost their jobs.

TFs: ( EWC ), ( HEWC ), ( FLCA ).

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