Canada Sees Big Job Gains in July as Unemployment Rate Hits 2-Year Low

The Canadian economy added 75,000 new jobs in July, pushing the unemployment rate down to 6.4% - its lowest level in two years.

This marks the third consecutive monthly decrease in the unemployment rate and brings total employment up by 0.9%, or 181,000 jobs, since April.

The job gains were spread across various industries, with wholesale and retail trade experiencing the largest increase, followed by finance, insurance, real estate, rental, and leasing.

Economists had expected a much smaller gain of around 20,000 jobs, and the unemployment rate to remain flat at 6.5% in July.