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July job creation beats estimates

Last Updated Aug 7, 2020 at 9:44 am EST

Signage mark the Statistics Canada offiices in Ottawa on July 21, 2010. THE CANADIAN PRESS/Sean Kilpatrick
Summary

Canada's economy added 418,500 jobs in July


The national unemployment rate fell to 10.9 per cent last month, down from 12.3 per cent in June


The country was within 1.3 million jobs from pre-pandemic level


OTTAWA – Canada’s labour market is bouncing back. It gained 418,500 jobs last month as more parts of the economy were allowed to reopen after COVID-19 shutdowns, according to Statistics Canada.

The national unemployment rate fell to 10.9 per cent from 12.3 per cent in June.

Added to the 953,000 jobs gained in June and the 290,000 in May, Statistics Canada says employment is within 1.3 million of its pre-COVID level.

The figures beat market expectations, with the average economist estimate from financial markets data firm Refinitiv was for a gain of 400,000 jobs in July and an unemployment rate of 11 per cent.

About 266,0000 more people were looking for work in July, rising for the third consecutive month, but still down almost 300,000 from where it was in February.

The agency says the unemployment rate would have been 13.8 per cent in July if it had included in calculations those who wanted to work but didn’t look for a job.

Richard Dettman will have more in Business at :26 and :56.