Canada's economy added 18,000 jobs in June, continuing the momentum seen in May and helping to edge down the unemployment rate to 6.5%.
Job Gains and Losses
The job gains were largely concentrated in part-time work and in the accommodation and food services sector. However, the manufacturing sector lost 17,000 positions, dragging down the overall figures.
Youth Unemployment Improves
The unemployment rate among youth (ages 15-24) fell by 0.7 percentage points to 12.7%, as 33,000 positions were added for this age group. While this is an improvement, it remains higher than the pre-pandemic average of 10.8%.
Student Summer Job Market
The student summer job market also showed improvement. The unemployment rate for students planning to return to school in the fall was 15.3% in June, down 2.1 percentage points from a year earlier. However, it is still above the pre-pandemic average of 13%.
Returning students found employment mainly in retail trade, accommodation and food services, and information, culture and recreation sectors.
Core-Aged Workers
Among core-aged workers (25 to 54), the unemployment rate remained steady.
Analyst Expectations
Analysts had forecast a net gain of 10,000 jobs and an unemployment rate of 6.6%, so the actual figures slightly exceeded expectations.
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