The FINANCIAL — Canada’s economy created more jobs than expected in August but the unemployment rate increased as more people searched for work, according to Nasdaq.
Canada added a net 12,000 jobs in August, and the unemployment rate increased to 7.0% after holding steady at 6.8% for six consecutive months, Statistics Canada said on September 4. Market expectations were for a loss of 5,000 jobs and a 6.8% jobless rate, according to economists at Royal Bank of Canada.
The better-than-expected jobs report comes three days after Statistics Canada confirmed that Canada’s gross domestic product shrank for two consecutive quarters during the first half of the year.
On a 12-month basis, Canada has added 193,300 jobs, Statistics Canada said Friday, with all of the net gains concentrated in full-time work.