Canada posts 30,600 jobs in July

Canada posts 30,600 jobs in July

In July, Canada's economy lost 30,600 jobs as the public sector contracted while the unemployment rate stayed at a record low of 4.9%, Statistics Canada data indicated on Friday.

The jobless rate was expected to rise by 20,000 positions and the jobless rate to edge up to 5.0%, according to analysts polled by Reuters.

July was the second month in a row of relatively moderate losses. Between May 2021 and May 2022, the economy added a hefty 1.06 million jobs as the recovery from COVID 19 took hold.

The central bank last month surprised markets by raising its main interest rate by 100 basis points in a bid to crush inflation, and said more hikes would be needed.