Canada’s record low unemployment rate just keeps falling, but it may not mean what we think it does. Statistics Canada (Stat Can) labor force survey (LFS) data shows unemployment fell in June. But so did the number of workers employed, while the unemployment rate also fell. The drop was due to more employees giving up on their job hunt, lowering the participation rate.
Canada’s Unemployment Rate Fell To A Record Low In June
Canada has fewer unemployed workers, with the rate hitting a new record low. Unemployment fell 5.15% (-54,000) people to 1 million unemployed workers in June. A million people sounds a lot bigger than it is, with the unemployment rate falling 0.2 points to 4.9%, the lowest recorded. That low is what made headlines but diving a little deeper revealed a few issues in those numbers.
Canadian Employment Also Fell With More Seniors Getting The Boot
The other side of…