Economy

Adds 15,300 jobs in August as pandemic recovery continues

Adds 15,300 jobs in August as pandemic recovery continues”

Canada's unemployment rate sits at 10.2%.

USD/CAD continues to trade in the negative territory near 1.3100 after the data.

Sudbury's economy picked up steam in August, adding 1,200 jobs, according to numbers Statistics Canada released on Friday.

Underlying details of the publication revealed that the Participation Rate improved modestly to 64.6% and came in line with analysts' estimate.

The increase in unemployment is due to the COVID-19 pandemic. Joblessness also fell by 0.4% points, bringing the unemployment rate to 10.7% in the province.

In February - before a state of emergency was declared in the province - B.C.'s unemployment rate was five per cent. In August of 2019 the unemployment rate was at just 6%.

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The size of Alberta's labour force declined by 16,000 in August, which was a drop of 0.6 per cent from July.

StatsCan said Sudbury had 77,900 jobs in August, compared to 76,700 in July.

Of the August gains, 205,800 were in full-time and 40,000 part-time. Only Toronto is in between the two Alberta cities with a rate of 13.9 per cent.

"With provincial reopening plans having largely gone as far as they will go before a vaccine is available, we will be entering a new phase of the recovery where the path higher for employment is slower and potentially uneven", said Andrew Grantham, senior economist at CIBC Capital Markets.

The number of employed Canadians working less than half their usual hours because of COVID-19 has dropped to 713,000, from 2.5 million in April.

The number of those working at locations besides their home took a leap upwards at nearly 400,000 as well.



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