Reference to the CFA’s Advocacy Update from August 11, 2022

Canada’s economy lost 30,600 jobs in July, according to data from Statistics Canada on Friday. This marks the second consecutive month of employment losses for the country.

The data came in weaker than expected. The median estimate among economists tracked by Bloomberg was for a gain of 15,000 jobs last month and an unemployment rate of 5.0 per cent.

The country’s unemployment rate remained steady at a historic low of 4.9 per cent.

The wholesale and retail trade, health care and social assistance, and educational services sectors collectively saw a loss of 53,000 jobs. The losses were partially offset by the goods-producing sector which gained 23,000 jobs, the labour force survey revealed.

The decline in jobs was roughly the same in both part-time and full-time work, though employment fell the most among women aged 55 and over.

The overall participation rate fell 0.2 per cent to 64.7 per cent in July, compared to the 0.4 percentage point drop in June.

The average hourly wages of employees rose 5.2 per cent on a year-over-year basis, matching the pace set in June.

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