US Jobs Data Sparks Rate Hike Doubts

Canada's main stock index rose on Friday after data showed an unexpected fall in U.S. jobs last month, casting doubts about an interest rate hike by the Federal Reserve in September.

The Toronto Stock Exchange's S&P/TSX Composite index was up 0.4% at 09:31 a.m. ET.

Meanwhile, Canada's economy added far more jobs in July than expected, with employment jumping by 75,100 positions on strong gains in both the full-time and part-time sectors.

The jobless rate fell for the third consecutive month, dipping from 6.5% to 6.4%, a level last seen in July 2024.

Analysts polled by Reuters had forecast a net gain of 16,500 positions and estimated the jobless rate would remain at 6.5%.