TORONTO – The Canadian economy lost 1,400 jobs in June and the unemployment rate rose to its highest level in two years: this is what emerges from the monthly labor force survey report produced by Statistics Canada.
According to the agency, the unemployment rate in June reached 6.4%, up from 6.2% in May, and this result represents the highest unemployment rate since January 2022, when it was at 6 ,5%. Statistics Canada also found that the unemployment rate has been trending upward since April 2023 (from which the rate increased by 1.3%). As the unemployment rate has risen, the percentage of long-term unemployed has also increased, with 17.6% of the unemployed in June having been out of work for twenty-seven weeks or more, up four percentage points on the year previous.
Let’s look at some data in more detail (to see them all, consult the Statistics Canada’s page here). In June, employment decreased among young men aged 15 to 24 (-13,000; -0.9%), while it increased for women aged 25 to 54 (+19,000; +0 ,3%). In the same month, there was a decline in the number of people working in transport and warehouses (-12,000; -1.1%) as well as in public administration (-8,800; -0.7%). At the same time, the number of people employed in accommodation and catering services (+17,000; +1.5%) and in agriculture (+12,000; +5.5%) increased. The employment rate of students aged between 15 and 24 falls: 46.8% in June, a sharp decline compared to 51.7% a year earlier.
The final balance (considering all sectors – we have only mentioned a few – and ages) is 1,400 fewer jobs.
The situation varies from province to province. Here are the various unemployment rates in June (in parentheses, the May percentage): Newfoundland and Labrador 9.2% (9.9); Prince Edward Island 8.0% (7.1); Nova Scotia 6.6% (6.4); New Brunswick 7.7% (7.5); Quebec 5.7% (5.1); Ontario 7.0% (6.7); Manitoba 5.1% (4.9); Saskatchewan 5.5% (5.6); Alberta 7.1% (7.2); British Columbia 5.2% (5.6).
Photo by JESHOOTS.COM on Unsplash