Canada Crushes Jobs Expectations as US Economy Stalls

The Canadian economy posted a strong jobs report in July, adding 75,100 positions and lowering the unemployment rate to 6.4%. This is in contrast to the US, which shed 23,000 jobs last month.

Economists had predicted only 20,000 new jobs in Canada, making this gain even more impressive.

The increase was broad-based, with full-time and part-time employment both rising. The wholesale and retail trade sector led the growth, along with finance, insurance, and real estate, which added around 35,000 jobs.

However, a decline of 27,000 jobs in the public sector offset some of these gains.