Statistics Canada revealed Friday that the Canadian economy lost 2,200 jobs during the month of June, a minimal decrease after a strong pattern of growth.
The new data follows two months of strong employment data that saw April adding a blockbuster 106,500 jobs and the unemployment rate falling to record lows in May.
READ: Canada adds another 27,700 jobs in May after record-breaking April
This month, the total number of jobs in Canada came in at around 19 million, while the unemployment rate rose slightly to 5.5%.
According to recent surveys, analysts expected to see modest June figures, with estimates ranging between 4,000 and 10,000 new positions.
Canada’s labor market has been on a steady upswing for the past number of months. Since last April, the economy has added over 458,000 new jobs for Canadians.
Resources in focus
Jobs in the natural resources sector, which is a major employer of Canadians, contracted by 7,800 during the month of June.
Employment growth in 2019 has helped boost investor confidence in the Canadian dollar, counteracting other data that points to a slowdown in Canada’s economy.
June’s data could be an indicator of what direction the Bank of Canada plans to head regarding interest rates. The Canadian dollar has been rising recently due to data showing a recovery in the domestic economy, which may mean the Bank of Canada will hold interest rates at its meeting next week.
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