Unemployment rate ticks up to 6.4% in June amid job losses: StatCan

The national unemployment rate rose to 6.4 per cent in June amid job losses in the month, Statistics Canada said Friday.Canadian employers collectively shed 1,400 jobs in the month, the agency said Friday.

June’s labour force survey results compare to a jobless rate of 6.2 per cent in May, when the economy added 27,000 positions.The transportation and warehousing sectors, as well as public administration, led declines in jobs last month, according to StatCan. The accommodation and food services industries and agricultural sector helped to offset losses.

June marks the second month of job losses so far in 2024. While the unemployment rate has climbed from a record low of 4.9 per cent two years ago, the jobless rate has largely risen as job gains fail to keep pace with Canada’s growing population.

Compared to this time last year, overall employment is up by 1.7 per cent, or 343,000 positions.The Bank of Canada is looking for cooling in the labour market, particularly in wage growth, as it weighs when it can deliver further interest rate cuts.

Average hourly wages accelerated to 5.4 per cent in June from 5.1 per cent in May, StatCan said.

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