Business
Canada unemployment rate: 5.5% increase July
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OTTAWA –
Canada’s unemployment rate rose again last month, as the economy struggles to create enough jobs to match the pace of population growth.
Statistics Canada reported Friday employment was little changed in July, falling by 6,400 jobs.
Meanwhile, the unemployment rate ticked up to 5.5 per cent amid population growth.
As Canada’s population continues to grow rapidly, rising unemployment signals the economy isn’t creating enough jobs to absorb a larger workforce.
July marks the third consecutive month that the unemployment rate has risen, signalling some loosening in the labour market.
The federal agency says job losses were led by the construction industry, while the greatest job gains were made in health care and social assistance.
Rising unemployment comes as high interest rates weigh on the economy.
The Bank of Canada’s key interest rate sits at 5.0 per cent, the highest it’s been since 2001.
High interest rates are making borrowing more expensive for both businesses and consumers, which in turn is expected to lead to job losses.
The central bank is hoping to see the economy slow down as it works on getting inflation back to two per cent.
It’s cited concern about the pace of wage growth as well, which rebounded in July, rising 5.0 per cent year over year.
A quick look at Canada’s July employment (numbers from the previous month in brackets):
- Unemployment rate: 5.5 per cent (5.4)
- Employment rate: 62.0 per cent (62.2)
- Participation rate: 65.6 per cent (65.7)
- Number unemployed: 1,166,800 (1,147,100)
- Number working: 20,166,400 (20,172,800)
- Youth (15-24 years) unemployment rate: 10.2 per cent (11.5)
- Men (25 plus) unemployment rate: 4.6 per cent (4.4)
- Women (25 plus) unemployment rate: 4.8 per cent (4.4)
Here’s a quick glance at unemployment rates for July, by province:
- Newfoundland and Labrador 8.7 per cent (8.8)
- Prince Edward Island 8.1 per cent (8.2)
- Nova Scotia 7.7 per cent (6.4)
- New Brunswick 6.2 per cent (6.4)
- Quebec 4.5 per cent (4.4)
- Ontario 5.6 per cent (5.7)
- Manitoba 4.9 per cent (4.3)
- Saskatchewan 5.1 per cent (4.7)
- Alberta 6.1 per cent (5.7)
- British Columbia 5.4 per cent (5.6)
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The United Auto Workers union is expanding its strike against U.S. automakers to two new plants, as 7,000 workers at a Ford plant in Chicago and a General Motors assembly factory near Lansing, Mich., will walk off the job at midday on Friday.
Union president Shawn Fain told workers on a video appearance Friday that negotiations haven’t broken down but Ford and GM have refused to make meaningful progress.
“Despite our willingness to bargain, Ford and GM have refused to make meaningful progress,” Fain said. “That’s why at noon eastern we will expand our strike to these two companies.”
“Not a single wheel will turn without us,” Fain said, adding that the 7,000 soon-to-be picketers are the “next wave of reinforcements.”
Stellantis, the third major automaker targeted by the union, and the maker of brands like Chrysler, Jeep and Dodge, was spared further action, as Fain said the company’s management has made significant concessions on things like a cost-of-living allowance and a freeze on outsourcing.
The Ford plant in Chicago makes the Explorer and Police Interceptor, as well as the Lincoln Aviator SUV.
The GM plant in Michigan’s Delta Township near Lansing manufactures large crossover SUVs such as the Chevrolet Traverse.
The two new plants join 41 other factories and distribution centres already seeing job action.
So far, the impact on Canada’s auto industry has been muted, as none of the idled factories are major users of Canadian-made components.
U.S. President Joe Biden visited the United Auto Workers picket line in Detroit on Tuesday, saying the workers deserve a significant raise after sacrifices made during the 2008 financial crisis. Auto companies are doing ‘incredibly well,’ Biden said, ‘and you should be doing incredibly well, too.’
Edward Moya, a strategist with foreign exchange firm Oanda, says that despite the expanded job action, the strike seems to be nearing an “endgame” as the two sides are clearly making slow but steady progress.
“Yesterday, the UAW said they are targeting a 30 per cent pay raise, which is down from the 46 per cent they were asking for in early September,” he said. “Automakers have raised their offer to 20 per cent but were not offering much on retirement benefits. The longer this drags, the more both sides lose, so a deal should be reached in the next week or two.”
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