Canada Jobs Market Sees Strong Growth in July with 75,000 New Positions

Canada's economy experienced strong growth in July, with the creation of 75,000 new jobs. This brings the total number of jobs added since April to 181,000 and a year-over-year increase of 196,000.

CIBC senior economist Andrew Grantham noted that this growth is stronger than anticipated and consistent with GDP figures showing a recovering economy. However, there is still 'slack' in the market, and this recovery will need to continue before interest rate hikes are considered.

The unemployment rate has decreased by half a percentage point from last year, with more people finding work compared to this time last year. RBC assistant chief economist Nathan Janzen stated that while the labour market is not yet strong, it has been improving despite uncertainty and higher energy prices.