The unemployment rate remain at the low record in July 2022 also

The unemployment rate remain at the low record in July 2022 also

Canada's unemployment rate was at 4.9% again in July, according to Statistics Canada's Labour Force Survey.

The unemployment rate for Canada recorded low this month also and rated steady at 4.9% in July, matching the record low from the month before.

The number of total unemployed people held at one million in July, 2022. In addition to that 426,000 people wanted an employment but did not look for one, and therefore did not come under the category of unemployed people. This was only change in the sixth consecutive month. The adjusted unemployment rate—which accounts for this source of potential labour supply—remained at 6.8%, the lowest rate since comparable data first became available in 1997.

In an addition, employment in Canada decreased by 31,000 jobs, which according to Statistics Canada does not represent a significant. It is true to be said that, July, 2022 is marked as the second consecutive month in the decreased unemployed in Canada. Plus, the record-low unemployment coupled with more than one million job vacancies means Canada is still facing a tight labour market. As per an update in Freestone in an economic update. “Demand for workers is still very high with job postings still 65% above pre-pandemic levels (though the number of job postings continues to fall), and there are few unemployed Canadians available to fill these vacant positions.”

The number of self-employed workers increased by 34,000 (+1.3%) in July after falling by 59,000 (-2.2%) in June. Despite this increase, self-employment remained flat on a year-over-year basis and was 214,000 (-7.4%) below its pre-pandemic February 2020 level.

Employment fell by 53,000 (-0.3%) in the services-producing sector in July. Wholesale and retail trade contributed the most to losses in this sector. The number of people working in wholesale and retail trade fell by 27,000 (-0.9%) in July, the second consecutive monthly decline. The majority of the net decrease took place in Ontario and Quebec.

Average hourly wages for employees rose 5.2% (+$1.55 to $31.14) on a year-over-year basis in July, roughly the same year-over-year rate of increase seen in June (+5.2%; +$1.54). For a second consecutive month, average hourly wages grew at a similar pace among part-time (+5.0%; +$1.05) and full-time (+4.9%; +$1.52) employees. Earlier in 2022, wage growth had been faster among full-time employees compared to part-time workers.

Doug Porter, BMO economist, said in a statement to Reuters the main takeaway is that the job market is still very tight.

“We’re still dealing with the lowest unemployment rate in at least 50 years, and wages that are running strong,” Porter said. “But from a growth angle the reality is employers are having trouble finding employees, and, so that caps the growth of the economy.”

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