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Special Report

Canada Employment
Research Brief

August 2023

Step Back in Jobs Market Could Create a
Positive Counterbalance for Investors

Canada sees unexpected fall in employment. Canada’s economy lost 6,400 jobs in July, which was well below the consensus estimate of a 21,000 gain and only the second labour market contraction over the previous 11 months. The labour force continued to grow, adding 13,000 active job seekers amid historic immigration. Combined, these factors caused the unemployment rate to increase 10 basis points to 5.5 per cent, taking it above the pre-pandemic low for the first time. Construction employment saw the largest monthly drop, which likely reflects the ongoing wildfires across Canada and the downward trend in housing starts. In contrast, the healthcare and social assistance industry saw the largest monthly gain. 

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