The Canadian labour market remained essentially unchanged in July, as the unemployment rate inched higher by another 0.1 percentage points to 5.5%— the third straight monthly increase.

According to Statistics Canada, a total of 6,000 jobs were shed last month, primarily across the construction, public administration, and information, culture and recreation sectors. On the other hand, employment levels increased in healthcare, education, finance, as well as agriculture.

Among provinces, the largest employment gains were noted in Alberta, New Brunswick and Prince Edward Island, while Manitoba and Saskatchewan saw a decline in employment levels. Average hourly wages, meanwhile, were up 5% compared to July 2022, following increases of 4.2% and 5.1% in June and May, respectively.

Statistics Canada pointed out that much of the country’s employment growth over the past year was attributed to high population growth, thanks to Ottawa’s record-high immigration levels. “In July, the employment rate of core-aged recent immigrants—those who had become landed immigrants in the previous five years—was 77.7%, down 2.3 percentage points from July 2022,” the statistics agency reported. “In comparison, the employment rate of those born in Canada was 86.6% in July 2023, little changed from 12 months earlier.”

Information for this story was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.