Canada's Crypto Industry Sees Boost from Strong Job Numbers
Canada's economy has outpaced the US, adding 75,000 jobs in July, while the US shed 23,000. This contrast hands Canada's crypto industry a stronger home market than American firms have seen all summer.
The unemployment rate in Canada fell to 6.4%, its lowest point in two years and the third straight month of improvement. In contrast, the US economy missed forecasts by more than 100,000 positions after steep revisions.
Economists had expected Canada to add about 15,000 jobs, but it actually added 75,000, with gains split almost evenly between full-time and part-time work. Ontario did the heavy lifting, accounting for 52,000 new positions.
The finance, insurance, and real estate sectors added 18,000 jobs, while professional, scientific, and technical services accounted for 17,000 more. These sectors are significant because they are where digital asset firms hire.