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Global Markets: Canadian jobs down, biggest drop in 5 years

By Commodity News Service Canada

WINNIPEG, August 5 (CNS Canada) – The following is a glance at the news moving markets globally.

CANADA LOSES 31,200 JOBS IN JULY

The Canadian labour market unexpectedly lost 31,200 net jobs in July, according to Statistics Canada. It is the biggest monthly drop in full-time work in nearly five years.

Full-time employment fell 71,400 the biggest month-over-month drop since October, 2011. Gain in part-time employment of 40,200 part-time jobs worked to offset losses.

Economists with the Royal Bank of Canada said they had expected a gain of 10,000 positions. The country’s unemployment rate inched 0.1 per cent higher to 6.9 per cent for July, matching market expectations.

Net job creation in Canada has averaged a mere 3,000 per month so far in 2016. The annual average is 6,000 net jobs added per month.

CANADA’S TRADE DEFICIT WIDENS TO RECORD C$3.63 BILLION

Canada’s posted a trade deficit in June of C$3.63 billion, according to Statistics Canada, capping off the worst quarterly performance for exports since 2009.

The deficit missed expectations by a wide margin, as economists had anticipated a C$2.8 billion deficit.

The June reports marks the first time ever that Canada’s trade deficit has exceeded C$3 billion for four months in a row.

US ADDS 255,000 JOBS IN JULY

Hiring in the US continued steady in July, as nonfarm payrolls rose by a seasonally adjusted 255,000 last month, according to the US Labor Department.

Economists had expected employers would add 179,000 jobs in July, and were also surprised by revisions showing US employers added 18,000 more jobs in May and June than previously estimated.

The unemployment rate remained unchanged at 4.9 per cent in July.

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