Canada's unemployment rate fell in July to its lowest level in nearly nine years as the economy added jobs for an eighth straight month, although at a slower pace compared to recent months.
The Canadian economy added a net 10,900 jobs in July, Statistics Canada said Friday. This was largely in line with market expectations, according to economists at Royal Bank of Canada. This marks a slowdown from the previous two months, when the economy churned out 100,000 new jobs. For the May-to-July period, Canada added an average 36,900 jobs per month.
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On a year-over-year basis, Canadian employment increased 387,600, or 2.1%. Over 90% of the new jobs created over the past 12 months were full-time positions, which tend to offer higher pay and steady benefits.
Meanwhile, the unemployment rate dropped to 6.3% in July, or the lowest level since October, 2008, or just prior to the onset of the financial crisis. When using U.S. Labor Department methodology, Canada's jobless rate in July was 5.3%.
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(END) Dow Jones Newswires
August 04, 2017 08:45 ET (12:45 GMT)