BC unemployment rate best in Canada


The economy added 45,300 jobs last month, Statistics Canada said, topping forecasts for a gain of 10,000.

There were about 4,000 positions lost in the city in June, however a drop in people looking for work kept the unemployment rate steady at 7.9 per cent.

It's discouraging news for anyone seeking a job.

For the second quarter, employment rose 103,000, representing the biggest quarterly increase since 2010. The unemployment rate edged down to 6.5% from 6.6% in May. When using U.S. Labor Department methodology, Canada's jobless rate in June was 5.4%. The Canadian dollar shot higher, touching a fresh 10-month high.

Job numbers are up in British Columbia, according to the latest report from Statistics Canada.

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"We did see some solid gains in full-time employment, but they weren't large enough to offset those part-time job losses". Bond prices move inversely to yields.

Employment rose among women aged 55 and up, and ticked up for core-aged women, but was little changed for other demographic groups.

The better-than-expected Canadian jobs data in June cemented expectations that the Bank of Canada (BOC) will raise interest rates in the week ahead.

"In sum, the jobs market is tightening, and not that far from what historically has been judged as full employment", said Avery Shenfeld, chief economist at CIBC World Markets. Jobs for men aged 25 to 54 rose by 25,000. "The great mystery is the lack of wage growth". Average hourly pay rose 1.3% from a year ago in June, data showed, matching the annual advance recorded in the previous month. This creates a challenge for the Bank of Canada, as inflation is below target and wage pressures are not evident. There were 37,000 new part-time jobs and about 8,000 new full-time jobs created in June nationally.