Canadian economy added 419,000 jobs in July, marking third month of gains

According to Statistics Canada, part-time work has now inched closer to where the country was before COVID-19 struck, at -5.0%, versus full-time work at -7.5%. Quebec's unemployment rate decreased 1.2 percentage points to 9.5 per cent, the third consecutive monthly decrease. The initial easing of COVID-19 restrictions occurred later in Ontario than in most other provinces.

The results were more subdued than June's gain of 953,000 positions, but were also accompanied by a reduction in the unemployment rate, to 10.9 per cent from 12.3 per cent, Statistics Canada reported Friday. Nationwide, the rate was 10.9 per cent, down from 12.3.

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.

July saw a large increase, mostly due to part-time employment at 11.3% compared to full-time work at 0.5%.

When asked to consider challenges related to eventually returning to their usual work location, more than half - 54.5 per cent - were concerned about contracting COVID-19 in the workplace, while almost half - 48.5 per cent - anxious about infecting a family member.

"Hard-hit areas of the service sector, which were furthest from pre-pandemic levels in June, continued their rebound last month, with accommodation and food service accounting for an outsized share of job growth", said Indeed economist Brendon Bernard.



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