Canada's unemployment rate falls to new record low of 4.9% in June

By Ovunc Kutlu

ANKARA (AA) - Canada's unemployment rate fell to a new record low of 4.9% in June, Statistics Canada announced on Friday.

The market expectation for the unemployment rate was to come in at 5.1% last month, unchanged from the previous month's figure.

Employment in the country declined by 43,000 in June, according to Statistics Canada.

While the market estimate for employment was to show an increase of 23,500 last month, the figure posted a gain of 39,800 in the previous month.

"The employment loss was almost entirely due to a decrease among workers aged 55 and older," Statistics Canada said in a statement.

"Across industries, a decline in the services-producing sector, particularly in retail trade, was moderated by gains in the goods-producing sector," it added.

The total hours worked rose 1.3% in June, marking the first increase since March 2022, it said.