Canada's unemployment rate rises to 5.5% in July

By Ovunc Kutlu

ISTANBUL (AA) - Canada's unemployment rate rose to 5.5% in July, marking a 0.1 percentage point increase from the previous month, according to figures released Friday.

While the figure came in line with market expectations, this is the third uptick in 11 months, said the country's statistical body Statistics Canada.

The country's unemployment rate remained unchanged at 5% for five consecutive months before recording in May the first increase since August 2022.

The Canadian economy lost 6,000 jobs last month, the statistical body said in a statement.

That figure came against the market estimates of a 21,000 increase after the North American economy added 60,000 jobs in June.

The participation rate, which is the proportion of the population that is employed, rose 0.4 percentage points to 60.4% in July.

Average hourly wages, annually, increased by 5% in July after posting a 4.2% gain in June.