Canada Sees Surprise 75,000 Job Gain, Recovery Continues

Canada's job market saw a surprise boost in July, adding 75,000 jobs, according to Statistics Canada. This beats the predicted gain of 15,000 jobs in a Reuters poll ahead of the release.

The unemployment rate fell to its lowest level in two years, reaching 6.4 per cent. Economists say this recovery is ongoing and still requires more growth before the Bank of Canada considers tightening policy.

Andrew Grantham, CIBC senior economist, said 'It's stronger growth than we were maybe anticipating a few months ago.' The Canadian economy is recovering, despite 'more slack in the economy to go,' according to Grantham.