Canada sees biggest jobs loss since 2011

Aug 05, 2016 12:00 AM

The unemployment rate increased to 6.9%, full-time employment fell by 71,000 from June to July, while part-time work was up by 40,000, according to official statement.

 

The Canadian economy lost 31,200 full-time jobs in July, making the the biggest drop since October 2011, Statistics Canada said in a statement on Friday.

"The unemployment rate increased…to 6.9%," the release stated. "Full-time employment fell by 71,000 from June to July, while part-time work was up by 40,000."

The Canadian authorities said the employment decreased particularly for the young people aged 15 to 24.

"Employment declined in Ontario and Newfoundland and Labrador, and increased in British Columbia and New Brunswick," the statistics agency noted.

The Canadian gross domestic product (GDP) edged down 0.6 percent in May, which presents the largest monthly decline since spring 2009.

In June, the International Monetary Fund said the Canadian economy faces the worst challenge in years caused by declining oil prices.

 

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