Global Markets: Canada adds 94,000 jobs in July

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– A report from Statistics Canada released on Friday revealed that 94,000 jobs were added to the country’s workforce in July as COVID-19 restrictions were loosened nationwide. The unemployment rate in Canada was reduced to 7.5 per cent during that month, compared to 7.8 per cent in June. However, there are still 246,000 fewer jobs than in February 2020 at the start of the pandemic.

– The court has ordered The Competition Bureau to receive records and written information from four Canadian telecommunication companies while the national antitrust agency reviews the proposed US$16 billion purchase of Shaw Communications Inc. by Rogers Communications Inc. Xplornet Communications Inc., BCE Inc., Telus Corp. and Quebecor Inc., all competitors with Rogers and Shaw, will take part in the review. The bureau is looking to see if the takeover will hurt competition for wireless and broadcasting services.

– The United States Labor Department reported on Friday 943,000 jobs added in July, the highest monthly total in almost a year and exceeding expectations. The unemployment rate also dropped to 5.4 per cent. There were also 240,000 jobs added to government payrolls.

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