Unemployment Rate Should Have Decine More in Canda in June
Skerdian Meta • 1 min read
The unemployment claims started increasing in Canada during March, as the lock-downs began, then they surged higher in April and May. The unemployment rate also surged by more than 1 million in March and by more than 2 million in April.
Although, the increase wasn’t as large as in other countries. But, today’s report which is for June showed a reversal last month, with jobs increasing again while the unemployment rate declined. Although, the decline in the unemployment rate should have been bigger, but the increase in the participation rate stopped the unemployment rate fall further below 10%.
June Canadian Employment Report
- June Canada employment +952.9K vs +700K expected
- May Canada employment was +289.6K
- Canada unemployment rate 12.3% vs 12.1% expected
- Prior unemployment 13.7%
- Full time employment +488.1K vs +219.4K prior
- Part time employment +464.8K vs +70.3K prior
- Employment 1.8m below Feb
- Hourly wage rate permanent employees +6.8% vs +8.9% expected
- Participation rate 63.8% vs 61.4% prior
- Statistics Canada estimates 3.1m workers affected by shutdown from peak of 5.5m
- If those who wanted to work but did not look for a job were included as unemployed in June, it would result in an adjusted unemployment rate of 16.3%, a decline of 3.3 percentage points compared with the adjusted rate in May