UPDATE - Canada loses 1,400 jobs in June, unemployment rate rises to 6.4%

UPDATES WITH MORE FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - Canada's employment decreased by 1,400 in June, according to official figures released Friday by Statistics Canada.

The market expectation for the figure was an addition of 27,300 after the North American country added approximately 27,000 jobs in May.

On an annual basis, however, employment was up by 343,000, or 1.7%, in June, compared to the same month of 2023.

The unemployment rate rose 0.2 percentage points to 6.4% in June, from 6.2% in May, and that figure came more than market expectations of 6.3%.

The unemployment rate has risen 1.3 percentage points since April 2023.

Employment decreased the most in transportation and warehousing with a loss of 30,000, followed by finance, insurance, real estate, rental, and leasing with a rise of 29,000.

There were, however, declines in other industries, led by construction with a loss of 12,000; and public administration with a decline of 8,800.

Annually, average hourly wages among employees increased 5.4% in June, compared to the same month of last year, following a year-on-year growth of 5.1% in May, according to Statistics Canada.

"The employment rate—the proportion of the population aged 15 and older who are employed—declined by 0.2 percentage points to 61.1% in June, the eighth decrease in the past nine months," it said in a statement.

"The employment rate has declined by 1.3 percentage points from the recent high of 62.4% observed in January and February of 2023."

On an annual basis, however, employment was up by 1.7%, or 343,000, compared to the same month of last year.

Employment growth in the 12-months to June was faster in the public sector with a gain of 4.3%, or 183,000, than it was in the private sector with an increase of 0.8%, or 106,000.