Canada Adds 22200 Jobs in August, Unemployment Rate Drops to 6.2%

New York City. While U.S. unemployment has hit it lowest level since 2001 at 4.3 percent for May the U.S. economy adde

Younger and full-time workers were left behind last month as Canada's unemployment rate slid 0.1 points to 6.2 per cent in August, the lowest since the Great Recession knocked the wind out of the country's job market.

Wages also rose at the fastest pace in 10 months, although still below the 2% level. On a year-over-year basis, Canadian employment increased 374,300, or 2.1%, with almost 60% of the new jobs created over the past 12 months of the full-time variety, which tend to offer higher pay and steady benefits.

But the province's unemployment rate is still above the national average of 6.2 per cent.

Natural resource jobs in the region dropped by 200 positions, after Statistics Canada recorded a slight bump in employment in April 2017.

The August growth was fuelled by less-desirable work, as the economy added 110,400 part-time jobs and shed 88,100 full-time positions.




But while the exterior of Friday's jobs report looked good, the monthly data also featured several blemishes.

Over the year, full-time employment increased by 213,000 and 1.5% while part-time jobs increased 4.6% over the year. The goods-sector slide was led by a loss of 11,100 manufacturing positions.

Provincially, Ontario was the lone province with a notable employment gain in August. "We've had 374,000 jobs created over the past year, and [almost] 60 per cent of those jobs have been full-time", he told The Globe and Mail.

"Overall, as much as it might be argued that the components of the report were sub-par, job expansion continues unabated, reflecting sustained economic momentum and businesses and consumers brimming with confidence", Desjardins senior economist Jimmy Jean wrote in a research note.

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