OTTAWA, Aug 7 (Reuters) – Canada’s economy added far more jobs in July than expected and the unemployment rate dropped to a two-year low, \u200bdata showed on Friday, in another sign the economy is \u200ccoping with U.S. tariffs and international tensions.<\/p>\n
Statistics Canada said employment had jumped by 75,100 positions on strong gains in both the full-time and part-time sectors. The jobless \u200brate fell for the third consecutive month, dipping from 6.5% \u200bto 6.4%, a level last seen in July 2024.<\/p>\n
Analysts polled \u2060by Reuters had forecast a net gain of 16,500 positions and \u200bestimated the jobless rate would remain at 6.5%.<\/p>\n
July’s blowout follows the creation \u200bof 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 posed by U.S. \u200bPresident Donald Trump’s tariffs and the uncertainty caused by the Middle \u200bEast conflict.<\/p>\n
It predicted annualized second quarter growth would hit 2.5% after stalling earlier in \u200cthe \u2060year. 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 part-time employment rose by 36,600 \u200bpositions.<\/p>\n
Gains were focused \u200bon the private \u2060sector, with strength in wholesale and retail trade, finance and insurance, and professional and scientific services. Public sector \u200bjobs fell by 14,500 amid an official bid \u200bto cut \u2060government spending.<\/p>\n
The average hourly wages of permanent employees, a metric closely tracked by the central bank to gauge inflation expectations, grew 3.0% in July, \u2060up from \u200b3.7% in June.<\/p>\n
This was the lowest since \u200bthe 2.8% year-on-year increase recorded in February 2022.<\/p>\n
Reporting by David Ljunggren, editing by Dale Smith<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/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":160826,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6244,6232,17,6237,6239,6231,6242,6235,6233,6236,381,1632,6243,6234,6223,6245,6228,6246,6230,6225,6226,6224,6227,113,6229,6241,6247,1633,6240,6238],"class_list":["post-160825","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-forecasts","tag-bitcoin-news","tag-canada","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/160825","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=160825"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/160825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/160826"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=160825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=160825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=160825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}