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Canada jobs July data proves better after error correction - ING

FXStreet (Łódź) - James Knightley, economist at ING, points out that the corrected Canadian employment data release paints a much more encouraging picture.

Key quotes

"It now appears that these expectations were in fact on track as the Canadian economy gained 41,700 jobs, the biggest increase since March, and we saw the unemployment rate take a small step down to 7.0% as the participation rate stood still at 66.1%."

"The sobering fact in this data release is that whilst 59,900 new part-time jobs emerged, 18,100 full-time jobs were lost."

"These statistics tell a slightly more encouraging labour story this time around as we look for a possible stabilisation in the participation rate, which has been falling since August last year."

"However, the volatility in this seasonal data prevents us from drawing any conclusive results."

"It is very unlikely that the Bank of Canada will be able to prove a 'sustained recovery' between now and Wednesday, 3 September, thus we maintain our prediction that the interest rate will stay put at 1.0% until 3Q15."

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