Canadian Economy Loses Over 2,000 Jobs, Unemployment Rate Rises

Economists had expected a gain of 10,000 jobs.

The latest jobs report shows the Canadian economy losing 2,200 jobs in June.

The unemployment rate rose, from 5.4% to 5.5%.

Following the release of the report, the Canadian dollar fell narrowly.

Job losses were especially severe in the goods sector, where 32,800 jobs were lost. Roughly 16,000 of those lost jobs were in manufacturing. That is part of an ongoing trend of Canada’s manufacturing sector struggling, as there has been a net 9,400 loss in the goods-producing sector in the first half of this year.

Spencer Fernando