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By MoneySense Staff on August 6, 2010
Estimated reading time: 1 minute

Canadian jobless grew, first time in a year

By MoneySense Staff on August 6, 2010
Estimated reading time: 1 minute

Canada's unemployment rate hits 8% this summer.

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Canada’s unemployment rate reached 8% this month, after the country’s employers shed 9,300 jobs. It was the first time the unemployment rate rose in almost a year. While, Statistics Canada reported a massive 139,000 full-time jobs shed, many of these jobs were transferred into part-time work. But, even with a significant number of jobs saved, due to seasonal or part-time work, the recent job cuts pushed the country’s unemployment rate back to 8%. Toronto Star reports that economists had expected a weak July, particularly because the economy had been churning out jobs at a far faster clip than appeared justified by the growth rate—adding 227,000 in the previous three months alone. Despite the weaker expectations, the economist consensus was still predicting a modest increase. Bank of Montreal economist Douglas Porter said the soft report was no reason to discount the Canada’s slowly growing economy. “The first drop in employment since December does not signal a fundamental shift in the economy,” he said. In the United States, jobs numbers showed even more weakness. The U.S. Labor Department said that 131,000 jobs were lost in July, more than double what economists had expected. The U.S. jobless rate held steady at 9.5%, against an expected net decline of about 60,000, according to consensus expectations from economists.

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