Canadian Employment Falls As Manufacturers Cut Payrolls

Daily Forex Fundamentals | Written by DailyFX | Aug 08 08 11:36 GMT |


The Canadian economy unexpectedly gave back jobs for a second month as manufacturers reduced payrolls as they battle declining demand for exports. The 55,200 drop in employment was the largest in over six years and followed a 5,000 loss in June. Cuts were made across manufacturing and service industries which lost 32,300 and 37,300 jobs respectively. Employers dropped 48,100 part time workers, which reversed the recent trend of replacing longer term hires with them. Despite the historic job loss, the unemployment rate actually fell to 6.1% from 6.2% after 74,100 Canadians left the work force. Despite the weakening labor market the BoC is expected to keep rates un hold for the near term as inflationary pressure have caught up with the commodity driven economy.

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