08/18/2022
- Statistics Canada data revealed the Canadian economy shed jobs for a second consecutive month, losing 30,600 jobs in July, which disappointed economists estimating 15,000 job additions.
- Still, Canada’s unemployment rate remained at 4.9% in July, unchanged from June.
- The labour force participation rate also fell during the month as more people exited the workforce.
- In the U.S., the economy added 528,000 jobs in July, boosted by 96,000 job additions in the leisure and hospitality industry.
- The U.S. unemployment rate ticked lower to 3.5% in July, from 3.6% in June. It is the lowest unemployment rate since February 2020, just before the beginning of the pandemic.
