Canada unexpectedly lost 43,000 jobs last month

Statistics Canada says Canada’s economy lost jobs for the first time since January last month, as a sharp drop in the number of older as well as self-employed workers led the way down.

The numbers came as a surprise to economists, who had been expecting the economy to add about 20,000 jobs during the month.

“When an inflationary overheating is the No. 1 concern, bad news can be good news, so Canada’s jobs decline in June could be considered a bit of welcome relief,” CIBC economist Avery Shenfeld said of the numbers.

Despite the decline, the jobless rate went down to a record low of 4.9 per cent, because fewer people were looking for work.

The number of people now officially considered to be unemployed fell to one million across Canada.

Long-term unemployment, which the data agency defines as people who have been out of work for at least six months, fell to 185,000. That’s the same level it was at before the pandemic.

More to come.