US Jobs Surprise, Canada Disappoints

Canada’s
employment report was poor.  Canada lost 71.4k full-time jobs in July after
businesses shed 40.1k in June.  The unemployment ticked up (to 6.9% from 6.8%), while the participation rate slipped to
65.4% from 65.5%.  Adding insult to injury, Canada also reported a record
trade deficit for June.  What was the record shortfall in May was revised
to show even more red ink.  
 Another series of reports like these and the Bank of Canada’s optimism about a
recovery in H2 may be dashed.