UPDATE 2-Canadian employment almost unchanged in June after May's surge

Fri Jul 5, 2013 9:01am EDT
 
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* Canada lost 400 jobs in June, says Statistics Canada

* Flat June number follows 95,000 new jobs in May

* All June job losses are full-time positions

By David Ljunggren

OTTAWA, July 5 (Reuters) - Canada shed just 400 jobs in June, indicating the economy had managed to hang on to most of the massive gains it made in May's blowout report, Statistics Canada said on Friday.

Market analysts had predicted a loss of 2,500 jobs after May's huge 95,000 new positions, the second highest increase on record. The jobless rate in June stayed steady at 7.1 percent.

The economy lost 32,400 full-time positions in June while adding 32,200 part-time jobs. In theory, this means the net loss was 200 jobs. Statscan, however, says it is sticking with a net loss of 400 jobs and says the discrepancy is due to rounding.

"The fact that full-time jobs retreated ... is the one major downbeat note, but of course that followed a massive increase the previous month," said Doug Porter, chief economist at BMO Capital Markets.

"Pretty much every number here has to be put in the context of just the enormous gains seen in May, and overall maybe the good news is that the job market continues to hold on to most of those gains," he told Reuters.   Continued...