Global Markets: Good news, bad news for Canadian economy

By MarketsFarm

WINNIPEG, Aug. 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Approximately 418,500 jobs were added to the Canadian economy in July, according to Statistics Canada on Friday. This marked the third consecutive month there has been job growth, which followed the turmoil created by the COVID-19 pandemic in which 3 million jobs were lost. Together with the combined 1.2 million jobs added in May and June, almost 54 per cent of the jobs have been recouped and lowered Canada’s unemployment rate to 10.9 per cent. However, unlike May and June, more than 80 per cent of the new jobs created last month were part-time rather than full-time.

– Canadian Deputy Prime Minister Chrystia Freeland is scheduled to hold a news conference at 10 a.m. Central on Friday to further respond to comments regarding tariffs on aluminum made yesterday by United States President Donald Trump. By claiming national security concerns, Trump said he will slap a 10 per cent tariff on aluminum imports from Canada – the same tariff that came off following the recent implementation of the U.S.-Mexico-Canada Agreement. Already, Freeland and Prime Minister Justin Trudeau indicated Canada will match Trump’s tariffs dollar for dollar. “Canadian aluminum does not undermine U.S. national security. Canadian aluminum strengthens U.S. national security and has done so for decades through unparalleled co-operation between our two countries,” stated Freeland.

– The U.S. saw a third-straight month of job growth with about 1.8 million added to the country’s economy in July, according to the Bureau of Labor Statistics on Friday. This comes after losing more than 20 million jobs in April and May when the pandemic struck. Today’s report lowered the U.S. unemployment rate to 10.2 per cent, while nearly 13 million people remain unemployed. Meanwhile, those states contending with the COVID-19 surge, such as Arizona, Florida and Texas, said job growth has been very weak.

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