Jobless Rate in Canada Ticks Down by 6.3%

As per the latest reports, Canada added up to 11,000 jobs in the month of July, which was expected by economists as well. As per the statistics that was issued on Friday, it showed that the job market shriveled in Prince Edward Island, Newfoundland and Labrador, and Alberta while it expanded in Manitoba and Ontario.

As per the overall analysis, not many jobs were added, also very few people were in search of work, which in turn pushed the jobless rate by 6.3 % which is said to rate down by 2%. This is reported to be the lowest level of jobless rate since October 2008.

The economy added more full-time 35,000 jobs during the month of July. The gains in the job market of Canada were slightly balanced by the loss of part time jobs which shot up to 24,300.

As per the overall analysis, not many jobs were added, also very few people were in search of work, which in turn pushed the jobless rate by 6.3 % which is said to rate down by 2%. This is reported to be the lowest level of jobless rate since October 2008.

As per the reports, July figure reveals that the economy of Canada has added more than 3,8700 jobs in the past 12 months. That is reported to be the strongest figure of 12 months in a decade.

As the job market expanded, and so the wages, which in the past 12 months rose by 1.3 percent. Hourly workings are also set to be ticked higher which recorded to be up by 0.6 percent.

Brian De Pratto, the TD Bank economists said that since eight months Canadian economy is experiencing job gains, but the reports were somewhat mixed. As there were fewer Canadians looking for work, this resulted in the drop rate of unemployment.