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Canada's job market roars back, adding 26,200 jobs in August

Canada's job market roars back, adding 26,200 jobs in August

Sep 12,2016

Canada created more jobs than expected in August on more hiring in the construction and services sectors, but the gains did not fully make up for recent declines in employment, indicating to a labor market that was struggling to gain momentum.

Canada added 26,200 jobs in August, Statistics Canada said on Friday. The unemployment rate rose to 7.0 percent as more people were looking for work.

Economists were influenced by the 52,000 gain in full-time work, but noted the report could be volatile month-to-month. Referred to a year ago, employment was up just 0.4 percent.

The economy decrease in the second quarter, hurt by the impact of wildfires in Alberta, but analysts expect to see a restoration in the third quarter.

While Augusts’ increase in full-time work will likely provide solace for the central bank, the complete increase in employment did not fully offset July's sizeable decline, noted Paul Ferley, assistant chief economist of Royal Bank of Canada.

The goods producing segment of the economy also costs well, with construction jobs up 7,400. The natural resources sector, which has been hit by job damage due to the slump in oil prices, added 4,400 new positions, though employment is still low more than 11 percent from last August.

 

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