Canadian employment declined by 6,400 jobs in June following a surge of close to 60,000 jobs in May. The national unemployment was unchanged at 6.8 per cent and total hours worked, which is strongly correlated with economic growth, increased 2.1 per cent compared to June 2014. Employment grew by a total of 33,000 jobs in the second quarter, as a robust 143,000 full-time jobs was partially offset by a decline in part-time work. Overall, today’s employment report is neither strong enough to put off talk of further monetary stimulus by the Bank of Canada nor weak enough to push the odds of a rate cut beyond that of a coin flip.
In BC, employment posted a second consecutive strong month, growing by 15,400 jobs in June. Full-time employment accounted for all of the gains, rising by 36,300 while part-time employment declined. The provincial unemployment ticked 0.3 points lower to 5.8 per cent.