Global Markets: Canadian jobs down along with unemployment rate

By Commodity News Service Canada

WINNIPEG, July 8 (CNS Canada) – The following is a glance at the news moving markets globally.

CANADA LOSES 700 JOBS WHEN GAINS EXPECTED

Canada lost a net 700 jobs in June, according to Statistics Canada. Expectations were for a gain of 5,000 jobs, according to analysts.

However, the national unemployment rate fell to 6.8 per cent from 6.9 per cent. With the expected gain of jobs, economists also expected the unemployment rate to rise to 7.0 per cent.

SOBEYS ANNOUNCES SUDDEN DEPARTURE OF CEO

The Sobeys grocery chain and its parent company announced their chief executive and president, Mark Poulin, has left the organization in the wake of huge losses.

Effective immediately, Poulin is being replaced on an interim basis by Francois Vimard, chief financial officer of Empire Co.

Last week, Empire reported a net loss of $2.13 billion for its 2016 financial year. Difficulties related to the integration of Safeway operations into the national grocery chain were mostly to blame for the losses.

CANADA POST UNION REQUESTS COOLING OFF PERIOD

Business owners might be able to breathe easy for another month, as Canada Post’s union is calling for a 30-day truce to allow both sides to negotiate a new contract without a strike or lockout.

The union says a cooling off period would allow mail to keep moving under the old contract while negotiations continue. The two sides still appear to be significantly divided on several major issues after seven months of negotiation.

Canada Post initially said it would lock out 50,000 unionized workers on Friday, however later extended the deadline to Monday at 12:01 a.m. ET.

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