Canada's Unempolyment Rate Spikes
August 5th, 2016 | Poletical News
Canada's unemployment rate spiked to 6.9% in July amid unexpected job losses. The country lost 31,200 jobs and over 71,000 full-time job positions in July. Alberta faired the worst, seeing its unemployment rate reach the highest level since 1994 at 8.6%. This happened while Canada's trade deficit soared with dismal gains in exports.

In June, Canada's trade gap expanded to $3.63 Billion and export volumes were down by over 1%, while imports increased, particularly in the automobile and auto parts industry.

Among the Western provinces, Alberta topped unemployment rates with 8.6%, with Saskatchewan and Manitoba leading far behind with just over 6%. Of the Western provinces, British Columbia's unemployment rate is the lowest at 5.6%.

Economists at two major Canadian banks expect an uptick in the energy industry to improve job numbers by 2017.