Economics
Canada Dollar Tumbles as Nation Loses Most Jobs Since November
- Labor market loses 31,200 jobs in July; 10,000 gain expected
- Country also posted record trade deficit in second quarter
Canadian Dollar Plunges After Nation's Employment Slumps
This article is for subscribers only.
The Canadian dollar plunged the most since June after a report showed the nation’s labor market unexpectedly contracted last month.
The currency fell as the number of employed people in Canada declined by 31,200 in July, the most since November, after posting an unexpected loss of 700 the month prior, according to data released by Statistics Canada. A Bloomberg survey of economists forecast 10,000 new hires last month. Meanwhile, data out of the U.S. showed better-than-expected job creation, renewing expectations that the Fed may tighten monetary policy this year.