TORONTO (Reuters) – Canada’s economy shed 40,800 jobs in July and the jobless rate held steady at the multi-year high level 6.9%, Statistics Canada data showed on Friday.

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COMMENTARY

ANDREW KELVIN, HEAD OF CANADIAN AND GLOBAL RATES STRATEGY AT TD SECURITIES

“The June number was positive in a way that really defied expectations… what we have here is a bit of a correction in the data. Our economy is still somewhat dour. We don’t expect much growth in the second or third quarters.”

“It (the July job numbers) was a one month correction from the overly optimistic data.”

DOUG PORTER, CHIEF ECONOMIST, BMO CAPITAL MARKETS

“It’s on the softer side, but you got to take it in the context of that very big (jobs) increase of the previous month. The impact of tariffs

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