Job Picture Flat in July

Data released Friday showed Canada’s economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, as this country's job market remained in a holding pattern for the third consecutive month.

Statistics Canada also said the unemployment rate edged up to 5.7% from 5.5% in June as more people looked for work after hitting record lows earlier this year. Analysts had predicted a gain of 12,500 jobs and an unemployment rate of 5.5%.

July saw the loss of 11,600 full-time jobs and 12,600 part-time positions. Employment declined for youth in the 15-24 age group and for women in the core working ages of 25 to 54 but increased for core working-age men.

On the other hand, wages for permanent employees - a figure watched closely by the Bank of Canada - rose by 4.5% year-over-year, the largest gain seen since January 2009.