Unemployment rate holds at 6.4% in July as jobs market ‘little changed’ – National

Canada’s unemployment rate held firm at 6.4 per cent in July amid a relatively steady month in the labour market.

Statistics Canada said Friday that total employment was “little changed” last month. Some 2,800 jobs were lost in July, the agency said.

Two interest rate cuts into an easing cycle, the Bank of Canada says it’s watching for signs of slowing wage growth as it looks for confidence inflation is heading back to two per cent.

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Average hourly wages were up 5.2 per cent year-over-year in July, easing from a rate of 5.4 per cent in June.

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