Home Canada Financial recovery continues as 90,000 jobs added in August

Financial recovery continues as 90,000 jobs added in August

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Financial recovery continues as 90,000 jobs added in August

Statistics Canada says the economy added 90,000 jobs in August, the third consecutive monthly increase.

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A manager at Dunn’s Infamous restaurant scans the COVID-19 QR code of a consumer in Montreal. Lodging and food companies led employment increases in August, the third consecutive month. (Graham Hughes/The Canadian Press)

Statistics Canada says the economy added 90,000 jobs in August, the third consecutive monthly increase.

The unemployment rate fell to 7.1 per cent for the month, in comparison with 7.5 per cent in July, bringing the rate to the bottom stage since the onset of the COVID-19 pandemic last 365 days.

The announcement topped consensus expectations and got right here after even stronger gains in the prior two months, wrote Royce Mendes, an economist with CIBC, in a examine sing their private praises. Nevertheless he also pointed out some disorders. 

“There hang been about a flies in the ointment, with hours worked in point of fact unchanged,” he wrote. 

Mendes also flagged that fewer folk are trying to find jobs.

“Regardless of the low selection of new COVID cases and the reopening of the economy during the month, weakness in participation means that attainable workers hang been nonetheless hesitant about returning to the physique of workers.” 

Gains hang been concentrated in stout-time work and in the now not easy-hit carrier sector, led by gains in accommodation and food companies.

Statistics Canada says gains in the carrier sector pushed employment there assist to pre-pandemic ranges for the main time, though some areas are nonetheless lagging, such as retail and food companies.

The agency says total employment is within 156,000 jobs, or 0.8 per cent, of the stage recorded in February 2020, before the onset of the pandemic.

That is the closest the country has solution to recouping the total jobs misplaced during the main wave of COVID-19.

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Financial recovery continues as 90,000 jobs added in August