Manitoba's unemployment rate holds steady as national average declines

Manitoba's unemployment rate holds steady as national average declines

Manitoba's unemployment rate holds steady as national average declines

The Canadian economy added a net 54,100 jobs in July on a seasonally adjusted basis, Statistics Canada said Friday.

Statistics Canada says the rate for the economic region that stretches from Banff to Peace River was six per cent in July, down from 6.7 per cent the month before.

However, the details of the report revealed weaker data underneath the bigger-picture improvements.

According to a report by Statistics Canada, Manitoba added 3,500 full time jobs, while losing 7,000 part time jobs over the past month.

The public sector added 49,600 new jobs while the private sector added 5,200 positions, the data showed.

Average hourly wages in July, a figure watched closely by the central bank, rose by 3.0 percent from a year earlier.

"In the wacky world of Canada's monthly employment numbers, July came up with another head scratcher, with some big headlines but some disappointments in the fine print. there are lots of reasons to question just how good the data really are here", said Avery Shenfeld, chief economist at CIBC Economics.

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Calgary's rate increased slightly from 7.7 per cent to 7.9 per cent.

Market expectations of an interest rate hike in September, as reflected in the overnight index swaps market, rose to 27.08 percent from 23.32 percent before the release.

The increase was far greater than the 17,000-job gain predicted by economists in a Reuters poll. That's still down from the 47,200 that were unemployed in the region in July 2017.

In contrast, employment fell in most goods-producing sectors, specifically manufacturing, construction and natural resources.

Month-over-month, Saskatchewan's employment fell by 4,200, bringing the unemployment rate up 0.3 percentage points to 6.6 per cent.

Looked at together, both the labour force survey and Survey of Employment, Payrolls and Hours suggest "employment in the country's largest province is rising at the fastest pace in years", said National Bank's Krishen Rangasamy in a Friday report.

Compared to previous year, employment was essentially unchanged.

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