Canada Adds 10,900 Jobs in July, Unemployment Rate Falls to Near Nine-Year Low

By Paul VieiraFeaturesDow Jones Newswires

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%.

Write to Paul Vieira at

(END) Dow Jones Newswires

August 04, 2017 08:45 ET (12:45 GMT)