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Canada's unemployment rate rises more than expected in August

Canada's unemployment rate rose slightly more than markets had projected as the economy unexpectedly shed 51,600 jobs in August, according to the latest data from Statistics Canada.

The seasonally adjusted jobless rate increased to 6.0% last month from 5.8% in July. Econoday's consensus forecast was for the Canadian economy to add 15,000 jobs, with an unemployment rate of 5.9%.

After two months of increases, employment fell to 18.6 million in August from 18.7 million in the previous month. Part-time jobs declined by 92,000 to 3.5 million, while full-time employment rose by 40,400 to 15.2 million.

The goods-producing sector shed 30,400 jobs last month, with employment in the construction and manufacturing industries falling by 16,400 and 9,200, respectively.

Employment in the services-producing sector dropped by 21,200, as the number of people working in professional, scientific and technical services fell by 22,100. Employment also decreased by 19,600 in the wholesale and retail trade industry.

The business, building and other support services industry added jobs in August.

Year over year, total employment grew by 171,700 or 0.9% last month. Full-time employment increased by 326,100 or 2.2%, while part-time employment fell by 154,400 or 4.3%.