Nation sheds over 24K jobs in July, more positive data regionally

Canada's unemployment rate

New Brunswick economy sheds 7,300 full-time jobs in July, unemployment reaches 8.5%

Alberta, Nova Scotia and New Brunswick posted notable declines in employment last month - and jobless rates moved higher in each of the provinces.

New Brunswick's economy shed 7,300 full-time jobs in July, pushing the unemployment rate up by almost a percentage point over the previous month to 8.5 per cent, figures released by Statistics Canada on Friday show. The Econoday consensus was for an increase of 6,000 jobs and in June, the country lost 2,200 jobs.

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The country saw a 4.5 per cent burst in average wage rate, despite Canada's unemployment rate moving up to 5.7 per cent with the loss of 24,200 jobs. Meanwhile, the Canadian currency has fallen 0.2 percent to $1.3259 for every U.S dollar.

In Niagara, the rate is in line with the national average at 5.7 percent.

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At the very least, back-to-back poor readings for employment affirm expectations the economy is slowing from a strong second-quarter performance. Hours worked on a year-over-year basis slowed sharply, and the number of people employed by private sector companies plunged by 69,300, the most since the last recession.

However, employment grew in the construction sector in Alberta and Quebec, totalling a 25,000-position increase across Canada. This rise set a record for the decade. There were declines in both full-time and part-time employment in July. There were signs of strength, however.

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Stephen Brown, senior Canada economist for Capital Economics, said the wage data released Friday - along with other recent wage indicators - suggest the measures are finally catching up to the tightened job market.

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