BUSINESS

Canada's Unemployment Rate Hits 9-Year Low

Unfortunately, all of this month's gains were in part-time work.

09/08/2017 08:54 EDT | Updated 09/08/2017 09:07 EDT
francisblack via Getty Images

OTTAWA — Canada's labour market posted its ninth-straight month of job gains in August to give the economy its longest monthly growth streak since before the financial crisis nine years ago.

Statistics Canada says last month's increase of 22,200 jobs also helped nudge the unemployment rate down from 6.3 per cent in July to a nine-year low of 6.2 per cent.

But the data shows last month's growth was fuelled by less-desirable work as the economy gained 110,400 part-time jobs and shed 88,100 full-time positions.

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The agency says most of the decline in full-time work was concentrated among young Canadians aged 15 to 24 years old, who also showed a notable decrease last month in labour force participation.

Looking at the bigger picture, however, the latest numbers show the labour market expanded 2.1 per cent compared to a year earlier with the addition of 374,300 net new jobs.

The data provides yet another sign the economy continues to have momentum after a stronger-than-expected start to 2017 that has also prompted two interest rate hikes by the Bank of Canada.

The agency also says wages grew 1.8 per cent last month compared to a year earlier for the biggest increase since last October.

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