Canada

Canada Posts Job Losses For First Time in Year

The unemployment rate went up to 7.3 percent

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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.