Canadian Employers Slash Jobs in June
July 11, 2008
The Canadian employment report revealed that employers cut 5k jobs during June, well below markets expectations for 10k jobs to be created. Furthermore, the unemployment rate which was expected to remain steady at 6.1% m/m saw an up tick to 6.2% in June. The recent data suggest that employment growth appears to have stalled and the question now is whether it will be temporarily or continue, as the 5k jobs lost in June marks the largest decline in employment since July 2006.