Canada’s Economy Lost 2,200 Jobs Last Month

Canada’s economy lost 2,200 jobs in June, and the jobless rate ticked up to 5.5 per cent because more people were looking for work, according to Statistics Canada.

Alberta added 10,000 jobs, while Saskatchewan added 2,500, figures released Friday show.

On the flip side, Manitoba lost 5,200 jobs, while Newfoundland and Labrador lost 2,000. Everywhere else, the job numbers were largely unchanged.

Economists were expecting the economy to have added almost 10,000 jobs. The Canadian dollar responded poorly to the bleak headline number, with the loonie losing about a third of a cent to trade at just over 76 cents the US after the numbers came out.

According to the data agency, more than 24,000 full-time jobs were created during the month, but they were offset by a loss of 26,000 part-time positions.

Despite the weak showing last month, over the past 12 months, Canada’s economy has cranked out 421,000 new jobs.