Based on information from StatsCanada.
July was a bit of a rollercoaster for Canada's job market, with employment taking a dip by 41,000 positions. That's like the entire population of Moose Jaw suddenly finding themselves with a lot more free time. The employment rate nudged down to 60.7%, while the unemployment rate held steady at 6.9%. But let's dig into the details that really matter.
Youth aged 15 to 24 bore the brunt of this decline, losing 34,000 jobs. If you're picturing a summer job market that feels like a game of musical chairs with too few seats, you're not far off. The youth unemployment rate hit 14.6%, the highest since 2010, excluding the pandemic years. It's a tough gig for young Canadians trying to break into the workforce.
Industry-wise, information, culture, and recreation saw a significant drop, shedding 29,000 jobs. Construction wasn't far behind, losing 22,000 positions. It's a reminder that while some sectors are building up, others are facing a bit of a demolition derby.
Regionally, Alberta and British Columbia felt the pinch, with employment dropping by 17,000 and 16,000 jobs, respectively. Saskatchewan, however, bucked the trend, adding 3,500 jobs. It's a small win but a win nonetheless.
On the brighter side, average hourly wages rose by 3.3% compared to last year, now sitting at $36.16. So, while fewer people might be working, those who are employed are seeing a bit more in their paychecks.
So, why should you care? These numbers are more than just statistics; they're a snapshot of our economy's health and the challenges Canadians face. Whether you're a job seeker, an employer, or just someone keeping an eye on the economy, these trends can impact everything from your career choices to your weekend plans.
