Corrected Canadian Jobs Report Shows 42,000 Were Added in July

The Canadian economy created 42,000 jobs in July – not 200 as mistakenly reported last week by Statistics Canada – as revised numbers beat market expectations.

The unemployment rate declined 0.1 percentage points to 7 per cent. The Canadian dollar gained on the news.

The release of a revised Labour Force Survey comes after the federal agency took the unprecedented move Tuesday of pulling its monthly Labour Force Survey that had been released last Friday. The agency had said it uncovered an error but had declined to quantify the mistake or offer much of an explanation until Friday morning.

Statistics Canada’s mistake proved to be a large one.

The main difference in the numbers is that the drop in full-time employment was not as severe as originally reported. Rather than a loss of 60,000 full-time jobs, the revised figures say 18,000 full-time jobs were lost in July. The number of part-time jobs created remains the same at 60,000.

Other key differences between the revised report and the original report are that more people are in the workforce and fewer are unemployed.

Most of the corrected gains occurred in Ontario, where employment increased by 40,000 jobs in July over the previous month. Ontario’s unemployment rate stands at 7.5 per cent, unchanged from June.

via The Globe and Mail

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza