Black Unemployment Rate Nearly Lowest It's Been Since 2000

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The unemployment rate had been falling earlier in the year, hitting 5.7 per cent in April with strong job growth and more people back in the labour pool. The jobs report exceeded expectations as 209,000 jobs were created in July.

Statistics Canada figures released Friday show Alberta's unemployment rate ticked up from 7.4 per cent to 7.8 per cent from June to July as 14,000 jobs were lost.

The goods producing sector added a net 1,900 jobs, mostly in manufacturing.

Alberta's overall unemployment rate jumped slightly in July, but the longer-term trend toward economic recovery is continuing, with 35,000 Albertans finding work since this time past year, mostly in the natural resources sector.

"The drop in the unemployment rate was led by fewer Canadians looking for work, although some solace can be taken in that the decline appeared to be led by younger and older individuals, as "core" working age participation remained solid", DePratto wrote in an analysis note to clients. The number of full-time jobs grew by 35,100, offset by the loss of 24,300 part-time jobs.

In July 2017, the national unemployment rate specifically for white workers, 16 years and over, was 3.8%, the same as it was in June.

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Compared with a year ago, the number of jobs has increased by 388,0000, driven by a surge in 354,000 full-time positions.

The services sector added 9,000 jobs, with gains in the trade sector.

On the other side of the ledger, imports gained 0.3 per cent to $50.1 billion.

Regionally, employment in Ontario and Manitoba rose by 26,000 and 4,800, respectively.

"The wider trade deficit might be seen as a slight negative for the (Canadian dollar), but the tight jobless rate will keep chatter alive about an October rate hike", Shenfeld added, referring to speculation that the Bank of Canada could hike its key benchmark interest rate again.

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