Canada Economy Just Outran America: Is Its Crypto Industry Next?
Canada added 75,000 jobs in July, about five times forecasts, while the US economy shed 23,000. The split hands the Canada crypto industry a stronger home market than American firms have seen all summer.
Statistics Canada put unemployment at 6.4% on Friday, a two-year low. US payrolls, meanwhile, missed forecasts by more than 100,000 positions after steep revisions.
A Five Times Beat Meets a US Contraction
Economists expected Canada to add about 15,000 jobs. It added 75,000. The gains split almost evenly between full-time and part-time work, according to the labour force survey.
Ontario did the heavy lifting with 52,000 new positions. Finance, insurance, and real estate added 18,000 jobs. Professional, scientific, and technical services added 17,000 more. Those two sectors matter here. They are where digital asset firms hire.
Canada has now added 181,000 jobs since April. That makes three straight months of gains.
"Three straight months moving in the right direction is exactly how turning points begin. And if the breadth we saw in July holds into the fall, stabilization could quietly become the momentum Canada has been waiting for," Laura Ulrich, director of economic research at recruitment firm Indeed, said in a statement.
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