Economy

NB Loses 1100 Jobs, Unemployment Rate Jumps to 8.3 Per Cent

NB Loses 1100 Jobs, Unemployment Rate Jumps to 8.3 Per Cent”

The Canadian economy shed jobs in August following two months of increases and the jobless rate rose, largely due to falling government hiring, StatsCan reported Friday.

The country's jobless rate hit 6.0 percent, up from 5.8 percent in July.

Moncton showed a loss of 500 jobs in August and saw its unemployment rate grow to 6.7 per cent from 6.4 per cent in July.

Canadian yields climbed in sympathy with US yields after strong U.S.jobs data cemented expectations for the Federal Reserve increasing interest rates further.

Average hourly wage growth, which is closely watched by the Bank of Canada, continued its gradual slide last month to 2.9 per cent after expanding 3.2 per cent in July and 3.6 per cent in June.

The drop was fueled by 92,000 part-time positions lost, although full-time jobs increased by 40,400.

Ontario lost 80,100 jobs last month after gaining 60,600 in July - with both data points nearly entirely driven by swings in part time work.

The agency says the Canadian economy had a net loss of 51,600 jobs, which drove the jobless rate to six per cent, up from 5.8 per cent the month before. That is a sharp contrast to the 12.1 per cent unemployment seen in 2010.

By industry, the data showed large declines in construction, professional and scientific services and agriculture, partly offset by gains in utilities and business and other services.



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