August 9, 2019 / 12:50 PM / 2 months ago

UPDATE 1-Canada sheds 24,200 jobs in July as wages increase

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OTTAWA, Aug 9 (Reuters) - Canada’s economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, official data showed on Friday, as Canada’s job market flat lined for the third consecutive month.

Statistics Canada said the unemployment rate edged up to 5.7% from 5.5% in June as more people looked for work. Analysts in a Reuters poll had predicted a gain of 12,500 jobs and an unemployment rate of 5.5%.

July saw the loss of 11,600 full-time jobs and 12,600 part-time positions. Employment declined for youth aged 15 to 24 and for women in the core working ages of 25 to 54, but increased for core-aged men.

Wages for permanent employees - a figure watched closely by the Bank of Canada - rose by 4.5% year-over-year, the largest gain seen since January 2009.

The number of private-sector employees, Statscan said, dropped by 69,000 in July - driven largely by declines in the wholesale and retail trade sector, which shed 20,600 jobs. Self-employment was up by 28,000 positions while the number of public-sector employees was little changed.

Canada’s construction sector saw the biggest employment boost in July, adding 25,000 jobs. Gains were also seen in the public administration industry, which posted an increase of 9,200 positions.

Reporting by Kelsey Johnson; editing by Dale Smith and Steve Orlofsky

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