Canada Job Market Surges with 75,000 New Positions in July

Canada's economy added 75,000 jobs in July, exceeding economists' forecasts and marking the third straight monthly drop in unemployment.

The jobless rate fell to a two-year low of 6.4 percent, Statistics Canada reported. Analysts had predicted a net gain of about 16,500 positions.

Wage growth cooled, rising 2.8 percent year over year, down from 3.3 percent in June, the slowest pace in four years, according to BMO chief economist Douglas Porter.

The strong job numbers have little impact on interest rates, with markets pricing a near-96 percent chance that the Bank of Canada will hold its benchmark rate at 2.25 percent for the September 2 meeting.