Canada Jobs Boom: Unemployment Rate Hits Two-Year Low
Canada's economy added 75,100 jobs in July, more than double what analysts expected. This significant gain pushed the unemployment rate down to a two-year low of 6.4%, from 6.5% in June.
The jobless rate has been decreasing for three consecutive months, with Statistics Canada announcing that employment rose in both full-time and part-time sectors.
According to Arlane Curtis, senior North American economist at Capital Economics, 'This is further evidence that the economy is gaining momentum after a weak start to the year ... there was really nothing in the report to dislike.'
The Bank of Canada predicted that the economy would cope with U.S. tariffs and international tensions, and preliminary data showed annualized second-quarter growth at 2.5%.