Canada's Job Market Gains Momentum with Surprise 75,000 Job Addition in July

Canada's job market took a significant leap in July, adding 75,000 jobs and bringing the unemployment rate down to its lowest level in two years at 6.4 per cent.

The country is now up 181,000 jobs since April and 196,000 from a year ago, with Ontario contributing 52,000 of those new positions.

Economists say this growth is consistent with the Canadian economy's recovery, but there's still significant slack in the market.

Bank of Canada interest rate hikes are unlikely to come until next year, according to some economists, as the labour market isn't yet strong enough.