Economists say labour market is showing 'clear signs of recovery'
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Canada’s unemployment rate fell to a two-year low of 6.4 per cent in July as the economy added 75,000 jobs across a wide range of industries, Statistics Canada said Friday.
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Here’s what economists had to say about the latest jobs numbers and what they could mean for the Bank of Canada’s future interest rate decisions.
Beyond the job gains, July’s lower unemployment rate was “encouraging,” given that hiring outpaced the “sizeable” 61,000 gain in the labour force, said Andrew Hencic, director and senior economist at TD Economics.
“This shows the economy was able to absorb more labour market slack in July,” Hencic said in a note. “When coupled with the strong bounce-back in activity in the second quarter, some additional momentum on jobs in July is nice to see.”
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Hencic said the labour market is showing “clear signs of recovery,” but the country’s 6.4 per cent unemployment rate “continues to signal an economy operating with some slack.”