Canada's Job Market Sees Strong Growth with 75,000 New Positions

Canada's job market showed significant growth in July, adding 75,000 jobs and bringing the unemployment rate down to its lowest level in two years at 6.4%. This exceeded economists' predictions of a modest 15,000-job gain.

The majority of the new jobs were full- and part-time positions, with Ontario accounting for 52,000 of them. The country has now gained 181,000 jobs since April and 196,000 from this time last year.

CIBC senior economist Andrew Grantham said that while the growth is stronger than anticipated, 'there's still a long road ahead' before the Bank of Canada considers tightening policy.