Canada Sees 2-Year Low Unemployment Rate After July Job Surge

Canada's economy added 75,000 jobs in July, bringing the unemployment rate down to its lowest level in two years. The job gains were split between full- and part-time work, with Ontario adding the most jobs of any province.

The unemployment rate fell from 6.5 per cent in June to 6.4 per cent in July, a significant drop that exceeds expectations. Statistics Canada attributed the decline to both full-time and part-time employment gains.

While the Canadian economy experienced growth in May, with a 0.3 per cent increase, its inflation rate also eased down to 2.8 per cent in June due to lower gas prices.