The Canadian economy added fewer jobs than expected in July

Statistics Canada said that the Canadian economy unexpectedly shed 6,400 jobs in July. Analysts had expected the Canadian economy to add 21,100 jobs in July. The unemployment rate rose to 5.5% from 5.4% in June.

Average hourly wages for permanent employees, a figure closely watched by the Bank of Canada, rose 5.0% in July compared to July of 2022, up from 3.9% in June but down from 5.1% in May.

The Bank of Canada has raised interest rates ten times since March 2022, and said it will study the data closely before moving again. The central bank is expected to raise interest rates in September, and the Canadian dollar fell against the US dollar to $1.3375.