Canada’s unemployment rate fell to a new record low of 4.9% in June, Statistics Canada announced recently.
The market expectation for the unemployment rate was to come in at 5.1% last month, unchanged from the previous month’s figure.
Employment in the country declined by 43,000 in June, according to Statistics Canada.
While the market estimate for employment was to show an increase of 23,500 last month, the figure posted a gain of 39,800 in the previous month.
“The employment loss was almost entirely due to a decrease among workers aged 55 and older,” Statistics Canada said in a statement.—AA