Manitoba's unemployment rate holds steady as national average declines

'Another head scratcher': ​Canada adds 54100 jobs in July

'Another head scratcher': ​Canada adds 54100 jobs in July

The Bank of Canada raised its key lending rate in July by 0.25 percentage points to 1.50 percent.

"In the wacky world of Canada's monthly employment numbers, July came up with another head scratcher, with some big headlines but some disappointments in the fine print", Avery Shenfeld, chief economist at CIBC Capital Markets, wrote in a note to clients.

The Canadian economy added a net 54,100 jobs in July on a seasonally adjusted basis, Statistics Canada said Friday.

Although Canada's unemployment rate dropped to a four-decade low last month, Calgary's jobless rate remains stubbornly high at 7.9 per cent, according to the latest numbers from Statistics Canada.

Stats Can says 54,100 jobs were created and the national jobless rate dropped to a 40 year low at 5.8-percent.

Ontario saw an increase of 61,000 jobs, all of them part-time, dropping the provincial unemployment rate by half a percentage to 5.4 per cent.

In Saskatoon, the jobless rate rose marginally to 7.1 from 7.0 per cent, while the Queen City held steady at 6.5. Compared to last July, 246,000 more people are working across the country, an increase of 1.3 per cent. The six-month average for employment rose to a gain of 20,800 compared to a loss of 2,800 jobs in June.

The national average saw a 0.2 per cent change from last month's figures as well - but in the opposite direction.

Still, overall, he said the report contained a "good" set of numbers that will keep markets guessing whether the Bank of Canada will introduce its next interest rate hike in September or October.

The Bank of Canada has raised rates four times over the past year as the economy strengthened and says further tightening will be data dependent. "Employers seem reluctant to part with their now more expensive workers perhaps due to reported labour shortages, although the persistence of strong sales and profits could also explain the resilience of employment", he wrote.

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