OTTAWA, Aug 7 (Reuters) – Canada’s economy added far more jobs in July than expected and the unemployment rate dropped to \u200ca two-year low, data showed on Friday, in another sign \u200cthe economy is coping with U.S. tariffs and international tensions. <\/p>\n
Statistics Canada said employment had jumped \u200bby 75,100 positions on strong gains in both the full-time and part-time sectors. The jobless rate fell for the third consecutive month, dipping from 6.5% to 6.4%, a level last seen in July 2024. <\/p>\n
Analysts polled by \u200cReuters had forecast a \u2060net gain of 16,500 positions and estimated the jobless rate would remain at 6.5%. <\/p>\n
July’s blowout follows the creation \u2060of 87,800 jobs in May. <\/p>\n
The Bank of Canada said on July 15 that there were clear signs the economy was dealing better with the challenges \u200bposed \u200bby U.S. President Donald Trump’s tariffs \u200band the uncertainty caused by \u200cthe Middle East conflict. <\/p>\n
It predicted annualized second quarter growth would hit 2.5% after stalling earlier in the year. Preliminary Statscan data issued later that month showed the second quarter gain was likely to be closer to 3.4%. <\/p>\n
In July, full-time employment increased by a net 38,600 jobs while \u200cpart-time employment rose by 36,600 positions. <\/p>\n
Gains were \u200bfocused on the private sector, with \u200bstrength in wholesale and retail \u200btrade, finance and insurance, and professional and scientific services. \u200cPublic sector jobs fell by 14,500 \u200bamid an official \u200bbid to cut government spending. <\/p>\n
The average hourly wages of permanent employees, a metric closely tracked by the central bank to gauge \u200binflation expectations, grew 3.0% \u200cin July, up from 3.7% in June. <\/p>\n
This was the lowest \u200bsince the 2.8% year-on-year increase recorded in February 2022. <\/p>\n
(Reporting by \u200bDavid Ljunggren, editing by Dale Smith) <\/p>\n","protected":false},"excerpt":{"rendered":"OTTAWA, Aug 7 (Reuters) – Canada’s economy added far more jobs in July than expected and the unemployment…\n","protected":false},"author":2,"featured_media":159415,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[693,17,51325,1672,16103],"class_list":["post-159414","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-of-canada","tag-canada","tag-international-tensions","tag-statistics-canada","tag-unemployment-rate"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/159414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=159414"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/159414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/159415"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=159414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=159414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=159414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}