Canada employment grew 418.5k in July, below expectation of 653.3k. Combined with the 953k added in June and 290k in May, employment was brought back to within 1.3m (-7.0%) of pre-pandemic February level.

Unemployment rate dropped to 10.9%, down form 12.3%, much better than expectation of 12.8%. Labor force participation rate rose back to 64.3%, within 1.2% from February level of 65.5%.

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