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It's good news for the Canadian workforce thanks to an increase of 54,000 new jobs to the economy last month, causing the jobless rate to fall two-tenths of a percentage point to 5.8%. The data released by Statistics Canada announced an increase of 82,000 part-time jobs across the country, however this was offset by the loss of 28,000 full-time positions.
Topping the chart was careers in the public sector, with 49,600 new jobs, where as the private sector saw the introduction of 2,500 positions.
July’s data has now changed the total number of new jobs added over the last 12 months to 246,000. Out of those, 211,000 were full-time positions. This brings the unemployment rate down to 5.8%, the lowest level since the 1970s.
Ontario lead the way for the gains, with 61,000 jobs entering the market. Other provinces welcoming new jobs included British Columbia and Newfoundland and Labrador, meanwhile the number of jobs on offer declined in Saskatchewan and Manitoba.
However, it’s not all good news for everyone, with one demographic still desperately searching for work. The data revealed that students are really struggling to find a place in the job market this summer, with the jobless rate for those between 15 and 24 now sitting at 12.8%. In fact, 67,000 fewer young people are working this summer than this time last year.
Speaking to CBC, Toronto-Dominion Bank economist Brian DePratto described the report as “mixed”. "Could have been better, could have been worse," he said. "On the plus side, the number of unemployed fell and more Canadians were drawn to the labour force – both signs of a healthy economy.”