Canada's Unemployment Rate Sees a Slight Decline

In a positive turn for the Canadian economy, the unemployment rate decreased to 6.9% in June from 7% in May, as reported by Statistics Canada. This marks the first increase in the employment rate since January, now standing at 60.9%.

Sector-Wise Employment Growth

The month of June witnessed a 0.4% rise in employment, adding 83,000 jobs. The retail trade sector led the way with 34,000 new positions, followed by health care and social assistance with 17,000 jobs. Additionally, total hours worked saw a 0.5% increase in June, contributing to a 1.6% year-on-year growth.

Wage Growth Trends

Average hourly wages among employees experienced a 3.2% increase, reaching $36.01 compared to the previous year, signaling a steady growth in the labor market.