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Canada's unemployment rate hits 7.2 percent in July

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Canada’s unemployment rate has climbed to 7.2 percent, with a record number of layoffs in the public sector, Press TV reports.

The Bank of Canada reported recently that the country’s economy lost 39,400 jobs in July, which pushed the jobless rate up 0.1 percentage points compared to the previous month.

The area, which suffered the largest loss was the public sector with 74,000 layoffs last month. However slight job increases in the private sector and the ranks of the self-employed curbed the job loss figure.

Looking at the country’s provinces, Quebec, British Columbia, Nova Scotia and Manitoba, as well as Newfoundland and Labrador all experienced increased unemployment rates.

Experts were stunned by huge decline in jobs as economists had forecasted a gain of 17,000 for July.

Altogether, the job figures have fallen in four of the first seven months of 2013.

Analysts blame some of the numbers on the recent disasters in the country, including the deadly train derailment in Quebec and the massive flooding in Alberta.

Meanwhile, some believe the Canadian government is taking the wrong approach to fix the economy.

“They [Canadian government] want to save money on the budget, OK, but on what cost. Create new jobs and you are going to have money for the budget from taxes, why not to pay taxes instead of laying off thousands of people,” said Alexandra Mehae.

On July 16, the Organization for Economic Cooperation and Development (OECD) urged Canada to take action on the country’s long-term unemployed as about 174,000 people have been without work for more than one year.


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