Friday, August 8, 2008

Canada Biggest Job Loss In 17 years

Canada Posts Biggest Job Loss In 17 years

The Canadian economy lost 55,200 jobs in July, when economists had forecast an increase, but the unemployment rate edged down to 6.1 per cent, Statistics Canada said Friday. The employment figures showed the biggest loss in jobs since February 1991, when 57,000 disappeared as recession gripped Canada. The bulk of the July losses – 48,000 – came from part-time positions, while the hardest hit sectors were manufacturing, business, building and other support services, and educational services. In fact, the only significant gains came in accommodation and food services, which added a combined 22,000 jobs during the month, Statscan said. While private sector employers shed 95,300 jobs, the public sector added 29,500, and the ranks of the self-employed rose by 10,600, the agency said.

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