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Unemployment rate increased, but not due to job losses

Research Weekly Insights Unemployment Hero

Over the last two weeks a flurry of Canadian economic data has been delivered, capped off today with the June 2023 Labour Force Survey.

The readings of these indicators will heavily influence the Bank of Canada’s next interest rate decision on July 12th. There is strong suspicion there will be another 0.25% hike, and my interpretation of the information available would agree.

While the unemployment rate rose to for a second month to 5.4%, this was not at the cost of jobs. Due to record immigration, the labour force grew faster than jobs were added last month, resulting in a net gain of 59,900 jobs in June, while the labour force grew by 114,000 people.

Research Weekly Insights Unemployment Info

So what sectors are seeing the most job growth?

No, the Federal Public Service is not the largest. While their employment has grown faster (6.3%) than average (2.4%), the title for market segment with the most employment growth in the last 12 months is Accommodation and Food Services, which added 75,200 jobs (7.2%). Following this is Healthcare and social assistance, which added 65,000 jobs (2.5%), and all levels of Public administration combined in third at 64,000 jobs (5.7%) over the last year.

Research Weekly Insights Unemployment Info 2

Since the rate hike in June, it does appear that the economy is slowing. However, it is likely not fast enough to convince the Bank of Canada that further rate hikes are unwarranted to cool inflation to the 2% target from it’s current 3.4% annual rate.
You can check out some of the other Statistics Canada updates on economic indicators here:



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Pour plus d’informations, veuillez contacter:

Susan Thompson

Associate Director, Research

Vancouver - Rogers Tower

Susan is a long-standing analyst and commentator on the commercial real estate market.  Her continuing work with local, national, and international media as a commentator for the commercial real estate sector has given her recognition within the industry as one of the preeminent sources of information and knowledge for leasing and transaction analysis and market trends.

Susan was previously with Avison Young working as their Research and Insight Manager over the course of nine years  (a boomerang employee: with them for four years, away for five years, then back for five years). She was responsible for dozens of reports on the Calgary commercial real estate market, covering office, retail and industrial leasing as well as business condominium properties and commercial property sales. More recently she focused on data-driven storytelling through reports, media work, and client engagement utilizing techology and analytics to help make better-informed decisions. 

In between periods with Avison Young, she spent over five years with Calgary Economic Development; first as their Business Development Manager specializing in Real Estate, helping companies bringing their business to Calgary navigate the local commercial real estate market, then as their overall Research Manager providing economic analysis and commentary on the Calgary market.

In prior years, after starting her career in assessment, Susan spent over seven years with RealNet Canada, the leading provider of third-party commercial real estate sales information. Working her way up from Research Analyst to Manager for the Calgary office, Susan analyzed thousands of commercial real estate transactions and is extremely knowledgeable about the commercial real estate market in Calgary. 

Susan has a Bachelor of Commerce degree, with a major in Management Science from the University of Alberta. Well recognized in the industry, Susan’s name is often seen in the media as she provides commentary and insight on current commercial real estate topics. Susan's breadth of knowledge across the commercial real estate market and in data analytics is an asset across the industry.

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