In its labour force survey released Friday, Statistics Canada said the country lost 43,000 jobs last month, but the unemployment rate fell to 4.9 per cent, the lowest level since comparable data started in 1976, and compared with 5.1 per cent in May. The decline in the unemployment rate in June was attributed to fewer people looking for work, Statistics Canada said, while the loss in jobs was driven by a decline in self-employment by 59,000 jobs. For business owners, the drop in the labour force participation rate added to their labour shortage woes. The jobs report comes ahead of the Bank of Canada's interest rate announcement and monetary policy report next week. An earlier version incorrectly stated the date of the Bank of Canada rate decision.

Source: CBC News July 08, 2022 12:40 UTC