Canada Posts Job Losses For First Time in Year

The unemployment rate went up to 7.3 percent

The Canadian economy's job creation came to an abrupt end in July, suffering the first major reversal in almost a year with the shedding of 30,400 jobs, pushing up the national unemployment rate up by one-tenth of a point to 7.3 per cent.

Economists had been warning that employment growth was likely to moderate in the second half of 2012, but still expected a modest pick-up of about 6,000 new jobs for July.