Revised StatsCan Report Says 41,700 Jobs Created in July

Revised data released by Statistics Canada on Friday has revealed that approximately 41,700 jobs were created in July, which is quite more than expected, while the unemployment rate decreased to 7.0 percent from 7.1 percent in June. Widely anticipated analysis in the market predicted a gain of only 20,000 jobs.

Initial statistics revealed by Statscan almost a week ago alleged that only 200 new positions were created in July, however that information was withdrawn due to processing errors. Although the numbers have turned out to be a lot better than predicted, there is still a lot of room to improve the Canadian economy that has yet to benefit fully from a recovery in the United States. Furthermore, the revised report mentioned that the year-over-year employment gain was only 156,800 jobs, or 0.9 percent, while the six-month moving average for employment growth grew to 10,900 in July from 8,800 in June. Additionally, it was disclosed that the labor force participation rate have remained unchanged at 66.1 percent, i.e. the lowest since the 66.0 percent seen in November 2001.

The assistant chief economist at Royal Bank of Canada, Paul Ferley, mentioned in July that data suggests “a totally different picture in terms of the employment conditions in July” in comparison to the initial release. He explained that the “year to date, the gains in employment are still fairly modest. Going forward, hopefully we’ll see sustained increases, but at the moment certainly these revised July numbers, it’s showing a more encouraging picture, though we’re not out of the woods yet.”

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