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Unemployment remained under five percent in July but ended with fewer jobs (Photo: The Canadian Press)

Canada’s unemployment rate remains at historic low of 4.9 per cent

Aug 5, 2022 | 7:05 AM

OTTAWA, ONT – Statistics Canada says the unemployment rate was 4.9 per cent in July, remaining unchanged from the historic low reached in June.

The federal agency says in its latest labour force survey the economy lost 31,000 jobs, marking the second consecutive month of job losses.

The number of public sector employees fell, while the number of self-employed workers rose.

Canada’s labour market remains exceptionally tight, with over one million job vacancies across the country. The unemployment rate is the lowest on record with comparable data going back to 1976.

Statistics Canada says despite the labour shortage, there is no evidence of a rise in the proportion of people leaving or switching jobs.

The pace of wage growth also held steady since June, with average hourly wages rising 5.2 per cent year over year.