Unemployment rate drops to four-decade low in July

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

OTTAWA-Job creation soared above expectations in July as large gains in part-time, public sector positions helped nudge down the unemployment rate.

Over the last month the country gained 82,000 new part time jobs, while it lost 28,000 full time positions.

The Capital Region's jobless rate ticked up slighting to 4.5 per cent in July, from the 4.4 per cent it stood at in June, Statistics Canada has reported.

While the number of jobless seems to have taken a large leap month-to-month, the local data can't be accurately compared, as it doesn't take seasonal factors into consideration.

July's unemployment rate marked a minimal increase to what has been the lowest unemployment rate in at least 31 years and suggests that the region's economy is continuing to hold strong and finally recovering from the effects of the 2008-2009 recession.

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

"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. there are lots of reasons to question just how good the data really are here", said Avery Shenfeld, chief economist at CIBC Economics. However, employment did rise by 54,000 jobs mainly in part-time work.

"In contrast, employment fell in most goods-producing industries, specifically manufacturing, construction and natural resources".

Market expectations of an interest rate hike in September, as reflected in the overnight index swaps market, rose to 27.08 percent from 23.32 percent before the release.

Compared with a year earlier, overall employment was up 1.3% following the addition of 245,900 jobs for an increase driven by 210,500 new full-time positions. Those gains were mostly due to growth in full-time work.

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