Employment rose in PEI in July

Statistics Canada says employment rose in Prince Edward Island by 1,500 in July, partly offsetting losses in June. The unemployment rate in the province was little changed at 8.1%.  Nationally, employment was little changed last month as the economy lost a modest 6,400 jobs.  Meanwhile, the country’s unemployment rate ticked up to 5.5 per cent amid population growth.  July marks the third consecutive month that the unemployment rate has risen, signalling some loosening in the labour market.  Rising unemployment comes as high interest rates weigh on the economy, making borrowing more expensive for both businesses and consumers.