Canadian Unemployment Edges Higher; Unemployment Rate Holds Steady in July 2022

Statistics Canada (StatsCan) on Friday (8-5-22) reported Canadian employment and unemployment statistics for July. According to StatsCan, unemployment in July decreased by 31,000, and compared to May it was down 74,000, or 0.4%. The number of public sector employees fell by 51,000, or 1.2%, in July, and that was partially offset by an increase in the number of self-employed workers which grew by 34,000, or 1.3%. The number private sector employees was little changed. From May 2021 to May 2022, employment had increased by 1,056,000, or 5.7%.

The unemployment rate held steady at 4.9% July, matching the historic low reached in June of this year. The adjusted unemployment rate—which includes people who were not in the labor force but wanted to work—remained at 6.8% in July, also matching its record low. Long term unemployment declined 23,000, or 12.2%, to 162,000 in July, the third consecutive monthly decline.