Canada's Unemployment Rate Dips In June After Nearly 1Mln Jobs Added - Statistics Canada

Canada's unemployment rate dropped in June after the economy added nearly one million jobs as it slowly emerges from the two-month novel coronavirus-induced shutdown, Statistics Canada said in its Labor Force Survey for June 2020 released on Friday

TORONTO (UrduPoint News / Sputnik - 10th July, 2020) Canada's unemployment rate dropped in June after the economy added nearly one million jobs as it slowly emerges from the two-month novel coronavirus-induced shutdown, Statistics Canada said in its Labor Force Survey for June 2020 released on Friday.

"The unemployment rate was 12.3 percent in June, a drop of 1.4 percentage points from a record-high of 13.7 percent in May," the state statistics agency said. "While this was the largest monthly decline on record, the unemployment rate remains much higher than February, when it was 5.

6 percent."

The agency said that the Canadian economy added 953,000 new jobs in June, with the largest gains coming in part-time work (+465,000 or +17.9 percent).

Despite the growth in employment, Canada's unemployment rate remains the highest in the G7, according to OECD data.

Canada's Department of Finance said in its Economic and Fiscal Snapshot 2020 that the country's unemployment rate will exceed the pre-pandemic 5.6 percent beyond 2021.